Has anyone seen this? It seems like a good reason to worry.
If I'm way off base here, please forgive me. This came to me from someone I consider very reliable and truthful. Once again, sorry of the OT post, but I was moved by it enough that I wanted to share it with the group. Please let me know what you think.
-robb
Privacy Rights Update
The latest scream out of the folks who bring big
gov't to a town or city near you.
Just too cotten picking unbelievable for words.
This is a warning for action in this message she
sends out.
This woman is one of the best state reps in Missouri.
Usually will vote against most tax hikes, is pro-gun, is pro-life,
and is cautious about environmental extremists. Have known
her for several years. She will speak out for gun rights.
There are a few left, but not many like her.
Return-Path: ccierpio@services.state.mo.us
Comments: Authenticated sender is <ccierpio@services.state.mo.us
From: "Connie Cierpiot" <ccierpio@services.state.mo.us
Organization: MO House of Reps
To: "Weekly Update"@services.state.mo.us,
Subject: Privacy Rights Update
X-Confirm-Reading-To: "Connie Cierpiot" <ccierpio@services.state.mo.us
Return-receipt-to: "Connie Cierpiot" <ccierpio@services.state.mo.us
Priority: urgent
Hi Everyone!
I know I have already sent this information to you. I have received
such an OVERWHELMING response that I need to resend it again.
PLEASE
pass this information on to friends and family across the country.
There are now less than 14 days to contact the FDIC, Comptroller of
the Currency (OCC); Federal Reserve System (FRB) and the
Office of Thrift Supervision (OTS) regarding the proposed "Know Your
Customer" rule.
I want to thank those of you who have already responded with
letters/e-mails/faxes to the FDIC. Outraged Americans have already
flooded the FDIC with over 20,000 comments against this regulation --
but the agency hasn't backed down yet. Please keep up the pressure!
I encourage those of you who haven't written yet to please do so
immediately. This is VERY important!!! And don't forget to contact
your U.S. Representative and two U.S. Senators in Washington who have
legislative authority to halt the regulations.
Here are the details:
NEW BANKING REGULATION INVADES PRIVACY . . .
The Federal Deposit Insurance Corporation (FDIC) is proposing to issue
a regulation which would require banking institutions (including
credit unions) to adopt and maintain "Know Your Customer" programs.
According to the notice of proposed rulemaking: "Knowing Your
Customer" would "require each nonmember bank to develop a program
designed to determine the identity of its customers' source of funds;
determine the normal and expected transactions of its customers;
monitor account activity for transactions that are inconsistent with
those normal and expected transactions; and report any transactions of
its customers that are determined to be suspicious, in accordance with
the FDIC's existing suspicious activity reporting regulations."
This proposed regulation was authorized by current law, to the FDIC
under section 8 (s) (1) of the Federal Deposit Insurance Act (12
U.S.C. 18189 (s) (1), as amended by section 259 (a) (2) of the Crime
Control Act of 1990 (P.L. 101-647). The FDIC recently sent an
information package to Congress and banking institutions to provide
notice of the proposed rulemaking and to solicit comments.
How "Know Your Customer" Will Impact YOU!
1) Current or new customers will be required to identify the number
of deposits and withdrawals they are expected to make each month as
well as the expected amount of those deposits and withdrawals.
2) The bank must determine the source of income of all customers.
3) The bank must monitor the account activity of each customer,
taking note of any transactions that are inconsistent with the normal
pattern of deposits and withdrawals that was initially established;
4) If the customer's transactions should deviate from their
established pattern, the banks would be required to immediately
report any and all suspicious transactions to federal agencies.
According to Scott McDonald, director of Fight the Fingerprint
organization, "Such a situation puts law abiding citizens in a
situation where they must prove they are innocent."
Problems with "Know Your Customer":
#1: Right to privacy of banking customers. John Stafford of the
California Bankers Association said, "We think that, from this
proposal, the Know Your Customer looks like 'Invade your customers'
privacy.' Basically the Know Your Customer is a cluster of regulations
and rules that will enlist the banks as detectives."
#2: Cost. There will be major paperwork concerns as well as concerns
about the extra cost to install high-maintenance programs to adopt
and monitor the "Know Your Customer" plan. "This will definitely be
costly to implement," said Mr. Stafford. "This will be part of the
bank's operating costs which will eventually translate into higher
costs for banking customers.
Public Comment Period - March 8, 1999. Steve Katsanos of the FDIC
public affairs office said this proposal is not yet a final draft.
"This is the initial part of the rule-making process," Katsano said.
"We are asking for input from the public and the industry so we can
formulate a final regulation." The FDIC staff will gather public
comments until March 8, 1999 and then present its board of directors
with a final plan of action.
Send your comments to:
Robert E. Feldman, Executive Secretary
Attention: Comments/OES/FDIC
550 17th Street, NW
Washington, DC 20429
Phone: 202-898-3811
Fax: (202) 898-3838
E-Mail: comments@fdic.gov
Include at the top of your letter:
6374-01 FDIC 12 CFR 326
Minimum Security Devices and Procedures and Bank Secrecy Act
Compliance Notice of Proposed Rulemaking
Three other agencies, besides the FDIC, are proposing similar, but
slightly different rules, apparently to diffuse opposition. They
are:
Comptroller of the Currency (OCC) -
250 "E" Street, SW
Washington, D.C. 20219
Phone: (202) 874-5000
email: regs.comments@occ.treas.gov
Federal Reserve System (FRB) -
Board of Governor's
Constitution Ave. & 20th Street
Washington, D.C. 20551
Phone: (202) 452-3000
email: none
Office of Thrift Supervision (OTS) -
1700 "G" Street, NW
Washington, D.C. 20552
Phone: (202) 906-6000
Fax: (202) 906-7494
email: public.info@ots.treas.gov
Please forward your comments to these three agencies also!
IN OTHER NEWS RELATING TO PRIVACY RIGHTS........
Privacy Legislation Introduced
U.S. Congressman Ron Paul (R-TX) recently introduced the Freedom and
Privacy Restoration Act of 1999. This act:
1) forbids the use of the Social Security number for purposes
unrelated to Social Security;
2) forbids any two government agencies from using the same numeric
identifier;
3) forbids any government agency from issuing any standards for
identification that would have to be followed by any other government
agency, a private party, a state government, state agency or
political subdivision of a state - (government agencies could use IDs
only to carry out their congressionally assigned purpose.);
4) forbids the federal government from conditioning the receipt of
federal funds on a state, state agency or subdivision of a state's
adoption of a uniform identifier; and
5) forbids the federal government from assigning ID numbers to
investigate, monitor, oversee, or regulate a transaction between
private parties not involving the government. It also forbids the
government from using ID numbers for purposes of administrative
simplification. In introducing this legislation, Rep. Paul said,
"The Freedom and Privacy Restoration Act halts the greatest threat to
liberty today; the growth of the surveillance state. Unless Congress
stops authorizing the federal bureaucracy to stamp and number the
American people federal officials will soon have the power to
arbitrarily prevent citizens from opening a bank account, getting a
job, traveling, or even seeking medical treatment unless their
'papers are in order!' In conclusion, Mr. Speaker, I once again call
on my colleagues to join me in putting an end to the federal
government's unconstitutional use of national identifiers to monitor
the actions of private citizens. National identifiers are
incompatible with a limited, constitutional government."
[Congressional Record, Extension of Remarks, 1/6/99]
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