RICHMOND, Va. – The Virginia Credit Union League is hopeful credit unions will receive permission "sometime over the next couple of weeks" to photocopy driver's licenses in order to stay compliant with Section 326 of the USA PATRIOT Act without having to individually seek this permission. The League said it is currently working with the Commissioner of the Virginia Department of Motor Vehicles to secure a blanket policy allowing for the practice. With the Oct. 1, 2003 compliance date of new provisions of the USA PATRIOT Act, credit unions must find acceptable forms of identifying new members. Section 326 of the Act requires procedures to verify the identity of any person interested in opening an account. The Code of Virginia currently prohibits reproduction of driver's licenses without permission of the Division of Motor Vehicles.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
