BANKING: "Know Your Customer" proposal meeting stiff opposition : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Just caught a CNBC report on this issue.

The American Bankers Association has come out strongly against the "Know Your Customer" proposal.

The FDIC has received some 10,000 communications on this topic & only 10 were positive. A rep. from the FDIC stated that they may reword the proposal in order to clarify the kind of info they require from banks. He made it clear that although no minimum dollar amount was specified in the proposal that would trigger a report from banks, the FDIC rep. suggested small amounts (hundreds of dollars) should not trigger a report. It is up to the bank employees discretion, however.

A U.S. Representative from Texas said he felt the IRS was behind the idea of snooping on the banking practices of each one of us. He used the term "Big Brother is watching".

The FDIC will continue to accept feedback up until March of this year.

-- Bingo1 (, January 18, 1999


It behooves each and every one of us to let our elected representatives know how we feel about this blatant attack on our personal freedom and right to privacy.

-- Vic (, January 18, 1999.

Y2knewswire had an in depth report on this some time back. They also listed several web addresses including the FDIC, and several pertinent others. Many of us on another forum sent emails to everyone on the list, and most of us got responses. Check y2knewire archives for info.

-- gilda jessie (, January 18, 1999.

I'll bet that representative was Ron Paul. He's actually an advocate for the U.S. Constitution & the Bill of Rights...imagine that!

He's also the only politician I've mailed who responded in context to the subject matter inquired about (the communist red chinese, also known as COSCO, acquiring the Long Beach U.S. naval shipyard in San Diego)and without wanting to know if I was in his district.

I only wish he represented my district.....and a few hundred others.

-- Mike T. (, January 18, 1999.

The Long Beach U.S. naval shipyard is in Long Beach, California, NOT in San Diego, California!

-- Hardliner (, January 18, 1999.

I stand corrected.
An innocent mistake, I'm sure you'll agree.
Possibly I'll be able to return the favor sometime.

-- Mike T. (, January 18, 1999.

I will have a Know Your Customer update up at Tuesday.

-- Declan McCullagh (, January 18, 1999.

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