The OCC issued FAQs clarifying the use of government-issued digital credentials under the Customer Identification Program (CIP) rule. This guidance impacts how banks verify identities using digital formats.
What changed
Banks can now use state-issued mobile licenses and verified digital credentials for compliance checks.
Compliance perspective
Banks need to adapt verification processes to incorporate the use of digital credentials as advised.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.