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#2155611 - 11/30/17 08:58 PM Name Change with gender change
Compl101TX Offline
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Compl101TX
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W. TX
This is a new one for me. We have an existing account customer wanting a loan under their new name. He changed the name in California and the gender also. Since this is an existing customer we don't have to do CIP but they want the loan under the new name. How should we handled this? Our BSA-CIP policy doesn't mention something like this.
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#2155626 - 11/30/17 09:33 PM Re: Name Change with gender change Compl101TX
bcompliance Offline
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I have no experience with this either, but I'm assuming you'd proceed the exact same way you would with an individual who got married and changed their name. They are still the same person for CIP, they just have a new name.
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#2155632 - 11/30/17 09:51 PM Re: Name Change with gender change Compl101TX
Elwood P. Dowd Offline
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Your applicant wants a new name and a new gender. I would encourage you to go with that and treat him like a new customer for the purposes of CIP. In a supportive way, you might want to point out that if could be an important test for him to make certain he's taken all of the necessary legal steps and the credit bureau is in alignment.
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#2155644 - 11/30/17 10:57 PM Re: Name Change with gender change Compl101TX
Compl101TX Offline
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We'll go with that Ken thanks.
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#2155645 - 11/30/17 10:59 PM Re: Name Change with gender change Compl101TX
CountryBanker Offline
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Am curious, ComplTX, whether your customer kept the same SSNo or not?
And I think I'll stay tuned for the Credit Bureau answer as well.
I better let the BSA folks here know a similar situation could occur, better to be prepared!
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#2155659 - 12/01/17 07:54 AM Re: Name Change with gender change Compl101TX
Mah Na Mah Na Offline
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I haven’t noticed a change to the SSN for the (few) members at our credit union. Also to note, in 2019 California will begin to issue State IDs and Drivers Licenses with an 'X' in the Gender field for people who consider themselves non-binary (neither male or female).

Something else that may be relevant to the topic is that on CTRs the field for gender is recommended to be completed, but is not mandatory. So it may be something to consider for teller training. Come to think of it, I’ll need to check with our IT folks and make sure our Core can also facilitate this change, too.

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#2155663 - 12/01/17 12:50 PM Re: Name Change with gender change Compl101TX
bcompliance Offline
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Ken, is the point of re-CIP'ing them that they are essentially creating a new identity? If they're using the same SSN - for CIP purposes all they did is change their name... I guess I'm confused on that part.
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#2155666 - 12/01/17 01:35 PM Re: Name Change with gender change bcompliance
Elwood P. Dowd Offline
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Your policy probably says you are not required to perform CIP on an existing customer, but I doubt that it prohibits you from doing it.There are only two choices:
* perform CIP (including verifying the name/TIN combination) or
* don't.

I'm not citing you to a rule, just saying that I would want verification records to match to the name shown on the loan documents, in large part because I would not want to take the time explaining the situation to any third party reviewer.

P.S. As long as your applicant did not change his last name, the name and SSN will match for IRS purposes, the unknown is whether the credit bureau has gotten the message. You are in a position to help this individual make certain that everything that needs to be done has been done.
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#2155667 - 12/01/17 01:45 PM Re: Name Change with gender change Compl101TX
bcompliance Offline
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Got it. I wasn't trying to argue, just understand your thought proces, which makes a lot of sense.
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#2155682 - 12/01/17 02:47 PM Re: Name Change with gender change Compl101TX
Compl101TX Offline
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CountryBanker, that is one of the problems. The customer only has the new name on the court order. That document states they will get a new birth certificate and the customer indicated that they will be changing the name with the SS office. The CSR had already instructed them to get a new ID but they haven't, yet.

We also told him to get with the credit bureaus and see what they could do with the name change. But we don't even know how that will go. We decided to go with Ken's advice mainly because of the SS and credit bureau issue.
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#2155913 - 12/04/17 06:45 PM Re: Name Change with gender change Mah Na Mah Na
John Burnett Offline
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Originally Posted By Mah Na Mah Na
Something else that may be relevant to the topic is that on CTRs the field for gender is recommended to be completed, but is not mandatory. So it may be something to consider for teller training. Come to think of it, I’ll need to check with our IT folks and make sure our Core can also facilitate this change, too.


A note of caution -- FinCEN has also said that if you have the information in your files, it goes on the CTR. If your files for a customer indicate gender or sex, your CTR should reflect that info. And, if your files include a copy of the customer's driver's license, the customer's gender or sex is in your files. I don't think that FinCEN has caught up with using an "X" option for "neither M nor F."
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