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#60862 - 02/12/03 06:25 PM USA PATRIOT ACT: The Sequel?
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
Was listening to the radio while coming back from lunch, and the program mentioned a USA PATRIOT Act II being discussed in Congress today. There wasn't much detail, and what there was seemed to deal more with surveillance. However, who else but our government would roll out "II" when they don't even have "I" untangled yet?!

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General Discussion
#60863 - 02/12/03 06:32 PM Re: USA PATRIOT ACT: The Sequel?
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,590
On the Net
But they are on a roll, we're at high alert, possibly (almost certainly) going to war. Police powers will increase and states will lose some authority from what I heard. I have not however, heard how it will effect our industry. At this point, it is all just talk. But who knows about tomorrow.
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#60864 - 02/12/03 06:46 PM Re: USA PATRIOT ACT: The Sequel?
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
I hadn't heard about this one yet. Is it a direct-to-video release?

But seriously, Andy's point about the potential impact on our industry is well said. I guess we'll have to wait and see...

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#60865 - 02/12/03 06:50 PM Re: USA PATRIOT ACT: The Sequel?
jack Offline
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jack
Joined: May 2002
Posts: 165
USA
If you're ambitious, check it out.

Keep in mind that this is "just" a "draft" leaked from the Justice Dept. (Although up until this came out they've pointedly denied preparing anything)

Also, here's a news item.

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#60866 - 02/12/03 08:02 PM Re: USA PATRIOT ACT: The Sequel?
MackenzieS Offline
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MackenzieS
Joined: Jul 2002
Posts: 1,722
Oklahoma
I think that it is time for the government to provide some sort of tax break to financial institutions for all of the added costs incurred to comply with the GLBA and the USA Patriot Act.

I don't know about how much other institutions are having to dole out for compliance with these issues, but for a small bank the costs are beginning to get overwhelming. Just today I received an industry newsletter on examination practices where banks were being criticized for performing AML monitoring manually (i.e., Excel worksheets), yet at this bank's prior exam they had been commended for their efforts. Basically it stated that if you perform monitoring manually you may be subject to "Needing to Improve" your BSA/AML programs.

We have put so much money into additional security features for the Information Security provisions of GLBA (New employee to understand and oversee this function, new cabinets, new locks....). We have had to purchase a monitoring software for OFAC, the manpower it is taking to stay on top of these requirements is becoming huge.

Anyway, sorry for the rant but when I read this post I just get frustrated that we can't get a step ahead in this process.

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#60867 - 02/12/03 08:05 PM Re: USA PATRIOT ACT: The Sequel?
WildTurkey Offline
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WildTurkey
Joined: Jan 2003
Posts: 921
Down South, USA
In reply to:

If you're ambitious, check it out.




I opened the link for "it" and my computer finds no mention of the words "bank", "cash", "money", or "credit". I don't think that this has any direct impact on us .... unless anyone has read the document and knows different.
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This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.

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#60868 - 02/12/03 08:21 PM Re: USA PATRIOT ACT: The Sequel?
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
But it sure affects us personally - you may be interested in the power given to the government to secretly detain citizens. So, if a family member suddenly disappears, don't ask.
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#60869 - 02/12/03 08:30 PM Re: USA PATRIOT ACT: The Sequel?
WildTurkey Offline
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WildTurkey
Joined: Jan 2003
Posts: 921
Down South, USA
And I'm not even a citizen yet! .... Will I be safe in my bed at night?
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This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.

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#60870 - 02/12/03 08:31 PM Re: USA PATRIOT ACT: The Sequel?
Ted Dreyer Offline
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Ted Dreyer
Joined: Apr 2001
Posts: 2,245
I haven't read the entire proposal, but there are a few sections that deal with FCRA. Mostly, they just allow for greater access to credit reports for state and federal law enforcement. There are also increased penalties for failure to turn over information. Remember, though, this is just the initial proposal - it's likely to look considerably different if and when it makes it's way through Congress.

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#60871 - 02/12/03 08:38 PM Re: USA PATRIOT ACT: The Sequel?
DeeQ Offline
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DeeQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
In reply to:

So, if a family member suddenly disappears, don't ask.




I wonder if they could make an "ex" disappear!
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#60872 - 02/13/03 02:23 PM Re: USA PATRIOT ACT: The Sequel?
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
Section 423 deals with money laundering using hawalas & Section 426 adds specific activities to money laundering offenses. Disclaimer: I was rapidly scanning the headings & may not be precise in my statement.

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