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[FP] FDIC receives more than 6,000 comments

From: "ScanThisNews" <[email protected]>
Subject: [FP] FDIC receives more than 6,000 comments
Date: Wed, 23 Dec 1998 13:53:27 -0600
To: "ScanThisNews Recipients List" <[email protected]>



Record response
to 'Know Your Customer'
FDIC receives more than 6,000 comments


By Gabrielle Stevenson
 1998 WorldNetDaily.com

The process for reading comments on the Federal Deposit Insurance
Corporation's "Know Your Customer" proposal has already started because of
the increasing number of responses. At last count, the FDIC had received
6,019 responses to the plan.
The most comments received in the past was 3,498, regarding a 1984 broker
deposit regulation.

"Usually we don't get nearly as many," said the FDIC's David Barr.
"Sometimes we only get a 100 or so, and they can be read relatively quickly
for internal use."

Normally the FDIC doesn't read the responses until the comment period has
ended. This time, however, they are trying to get a head start.

"We are trying to see what people are saying," Barr said. "We have gone
through them at least once so far. We do keep them all in consideration.
That is what this whole process is all about."

The FDIC Know Your Customer plan proposes that all banks, credit unions, and
other financial organizations be required to maintain continuous
surveillance of customer's accounts, and report unusual financial activity
to the FBI and other agencies.

[snip] see WorldNetDaily link above for balance of article.

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