WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement welcoming the Federal Deposit Insurance Corporation’s (FDIC) support for more flexibility with respect to Customer Identification Program (CIP) requirements for bank-fintech partnerships.
“Requiring people to input their full Social Security Numbers online does not keep them safer in today’s digital age,” said Penny Lee, President and CEO of the Financial Technology Association. “We are pleased to see the FDIC embrace a more flexible approach for identity verification that allows the use of the last four digits of the Social Security Number. We look forward to working with Acting FDIC Chairman Hill and other regulatory agencies to modernize the CIP requirements, including exploring technology-driven solutions like digital ID.”
FTA previously called for immediate exceptive relief from the requirement to collect full nine-digit Social Security Numbers to verify customer identities. To learn more about FTA’s work to leverage technology to combat financial crimes, see here.
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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.