Would a federally chartered credit union be exempt from CIP requirements?

No. The CIP requirements state:

"(a) Customer Identification Program: minimum requirements —(1) In general. A bank must implement a written Customer Identification Program (CIP) appropriate for its size and type of business that, at a minimum, includes each of the requirements of paragraphs (a)(1) through (5) of this section. If a bank is required to have an anti-money laundering compliance program under the regulations implementing 31 U.S.C. 5318(h), 12 U.S.C. 1818(s), or 12 U.S.C. 1786(q)(1), then the CIP must be a part of the anti-money laundering compliance program. Until such time as credit unions, private banks, and trust companies without a Federal functional regulator are subject to such a program, their CIPs must be approved by their boards of directors."

The definition of bank includes credit unions and as you can see they are specifically mentioned in the CIP rules.

TooTall, were you asking whether a federally chartered credit union would be exempt from the definition of "customer" under CIP?

(3)(i) Customer means:
(A) A person that opens a new account; and
(B) An individual who opens a new account for:
(1) An individual who lacks legal capacity, such as a minor; or
(2) An entity that is not a legal person, such as a civic club.

(ii) Customer does not include:
(A) A financial institution regulated by a Federal functional regulator or a bank regulated by a state bank regulator;

Aha! That would be another way to read that question. I agree that, as a customer, a federally regulated CU is not subject to CIP.

Sorry,the question should have asked if a Federally Charted Credit Union, as a customer, would be exempt from CIP requirements.

You gave me the answer I was looking for. Thanks!!

Caveat -- The regulation itself says the CU is not a customer for purposes of the rule. If the bank's CIP, however, doesn't recognize the exception (by reference to the regulatory definition or directly), you'd have to apply the bank's CIP procedures.