Overview
The CFE Fund recently submitted a letter to FinCen at the U.S. Department of Treasury in response to their request for information about updating the process of requiring full Social Security Numbers when opening a bank or credit union account. Drawing from our Bank On experience, our letter highlighted the barriers faced by consumers from marginalized communities from the current structure and application of customer identification requirements, the importance of financial institution acceptance of alternative forms of ID to facilitate banking access integrations and urged FinCEN to provide financial institutions with clear guidance on the acceptability of these alternative identifications.