The CIP Rule Gets an Upgrade: What Banks and FinTechs Need to Know About the New Exemption

Federal bank supervisors have relaxed a rule requiring institutions to obtain full Social Security numbers before opening an account. Partner Alessio Evangelista, counsel Wendy Goldberg and associates Sydney Balfan and Nate Balk discuss how this change enables banks, credit unions and fintechs to streamline the acquisition of new customers.