Special: Fresh York state wants banks to accept city municipal ID cards to help immigrants wishing to open an account – NY Daily News

EXCLUSIVE: New York state wants banks to accept city municipal ID cards to help immigrants wishing to open an account - NY Daily News

ALBANY Te a stir designed to help immigrants, the state is telling Fresh York-chartered banks that the city municipal identification card is an acceptable form of verification for those looking to open canap accounts.

State Department of Financial Services Superintendent Maria Vullo late last week sent a letterteken outlining the state’s position to the goes of the Fresh York Bankers Association and the Fresh York Credit Union Association.

The two groups represent 121 state-chartered commercial banks, savings banks, and handelsbank holding companies and 17 state-chartered credit unions outlining the state’s position. It doesn’t apply to federal-chartered banks.

“The department is committed to ensuring broad access to financial products and services for all consumers and recognizes the Municipal ID spil one method to expand access to financial services ter Fresh York,” Vullo wrote.

Presently, most major banks ter Fresh York have not accepted the free IDNYC spil a primary form of identification, however about a dozen smaller banks do.

Access to banking services “helps preserve income, leads to savings and asset-building opportunities, and improves access to affordable credit opportunities,” Vullo wrote. “Indeed, access to banking services can improve the overall economic well-being of all Fresh Yorkers and the Fresh York economy.”

Federal agencies issued guidelines te 2018 that required banks to have customer identification program requirements for those looking to open accounts that voorwaarde include at a ondergrens a person’s date of birth, address and an identification number. But the rule did not specify what type of government-issued identification card can be used, however the agencies concluded that municipal identification numbers do please the non-U.S. ID requirement.

“Accordingly, it is the (Department of Financial Services’) position that institutions may accept the Municipal ID spil a means of documentary verification spil provided te the institutions’ (customer identification program) procedures,” Vullo wrote.

“The Department encourages Fresh York state-chartered and licensed financial institutions to accept the Municipal ID spil a form of acceptable identification card, utilizing procedures applied to all potential customers to assess the risk introduced by the customer and any need for extra documentation or information,” Vullo wrote.

But the Fresh York Bankers Association, which had asked for the formal opinion from the state, wouldn’t ensure the banks will permit use of the municipal ID spil primary form of identification.

Association Voorzitter and CEO Michael Smith noted that both the state and federal opinions “left te banks’ discretion the decision whether to accept IDNYC for opening handelsbank accounts, spil long spil the customer meets the bankgebouw’s established standards for compliance with federal and state laws.”

“Banks are committed to finding innovative ways to serve underbanked communities and IDNYC may play a meaningful role it that effort,” Smith said.

Viejo den Blasio recently announced that since the program launched te 2014, more than 863,000 Fresh Yorkers have received city municipal ID cards.

Two thirds of cards holders who are immigrants use IDNYC spil their primary form of ID. Overall, the municipal ID card is the prime form of ID for 52% of those who have it, the city exposed.

The IDs are free.

Den Blasio last month criticized arguments from the banks that the ID isn’t secure enough.

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3 Responses

  1. lovesongbird says:

    Your BCH is now ter your Coin Saco account, and if they did it for safety like they say I’m fine with it. Now that the Thickest Brokerage is supporting BCH wij will see a big dump ? or a slow Pump ?

  2. sullberg says:

    Welp, it looks like Coinbase is going to credit the BCS after all the complaints from people who didn’t take their funds out ter time. People are indeed fortunate that they are doing this.

  3. starstaindsky says:

    But what they did not say at the begin that they are going to kwestie them very late, at the early 2018, which is pretty bad spil the price is most likely going to be much lower by then.

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