Sorry to resurrect this old thread, but I have a similar question regarding verifying the customer's current address. To play devil's advocate, the FFIEC Exam Manual states that, "a bank need not establish the accuracy of every element of identifying information obtained, but it must verify enough to form a reasonable belief that it knows the true identity of the customer."
When you are applying for credit online, and you are asked "out of wallet" questions, you don't have to verify your current address. Sometimes you are asked if you've lived at a previous address.
That's why I was wondering if there was an industry or examiner expectation now to verify the most current physical address of the customer, even though the exam manual indicates that every piece doesn't have to be verified.