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Can you summarize 12 USC 1829c?
FEDERAL DEPOSIT INSURANCE CORPORATION > Making online banking initiation legal and easy
Short Summary
This section of the United States Code governs the process of making online banking initiation legal and easy. It provides definitions for terms used in the section, such as ‘affiliate’, ‘driver’s license’, ‘financial institution’, ‘online service’, and more. The section allows financial institutions to record personal information from a scan of an individual’s driver’s license or personal identification card when they initiate a request through an online service to open an account or obtain a financial product or service. The information obtained can only be used to verify the authenticity and identity of the individual and to comply with legal requirements. The section also requires financial institutions to delete any images or copies of the driver’s license or personal identification card after use. It preempts and supersedes any conflicting state laws. No penalties are mentioned in this section.
Whom does it apply to?
Financial institutions, individuals initiating requests through online services
What does it govern?
Making online banking initiation legal and easy
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
U.S. Federal Government