Posted on 03/07/2007 10:50:08 AM PST by Dr. Marten
The Photo Identification Security Act would require banks to use what Blackburn calls "secure forms of identification" to obtain credit. In a statement put out by her office, she says that Bank of America "has come under fire in response to reports that it allows illegal immigrants access to credit cards without proper documentation."
"The American people deserve to know that the integrity and security of our financial institutions will remain intact," Blackburn said in a statement Monday. "This bill closes a critical loophole that banking institutions have used to circumvent the letter of the law they have used to target illegal aliens as a new source of revenue. It says to banks and illegal immigrants alike, 'You can't get a Visa, without a visa.'"
Bank of America issues the secured, or collateralized, credit cards only after a customer has established a deposit account, and to get a deposit account, the company requires a Social Security number, proof of U.S. government federal taxpayer status, or other documents listed as identification by the Patriot Act.
I would find that a much better solution than this bill, but it isn't going to happen any time soon.
I think private companies and individuals should be free to loan their own money to whomever they choose, with the exception of an enemy in time of war.
I don't think it's particularly smart to give credit to illegals, and I'd probably stop doing business with any institution which chose to do so, but I stand firmly opposed to most micro-managing governmental regulation in nearly every case.
To me it was a slap in the face that I have to submit all my information, and Pedro and Juan get to waltz into our country illegally and get the same benefits as I do. More actually, becuase they can stop paying on their card, move from skid row to the next street over, and I'll have to pay higher interest rates down the line to cover it.
No thanks BOA. Find someone else to fund your pet charity.
Seems a common sense approach to asset protection.
It should be expanded to include other forms of debt as well.
Bank regulations should also be adapted so that assets be reclassified by definition at a lower rating and allowances for bad debt carried at an appropriate level.
Who is the Comptroller of the Currency these days?
Check to see if any of your other banks are supporting illegal immigration:
http://www.bankofamericaboycott.com/banklist/index.shtml
"Everyone! Repeat after me: More government regulation is not the answer!"
BTTT. More statism is NOT the solution to stopping illegal immigration. Apply the laws we have in place, dammit!
At the same time, it does not place additional burdens on law abiding citizens.
It doesn't completely solve the broad problem of illegal immigration. Neither will a border wall. Both however address real problems in a reasonably effective way. Both are good ideas.
Instead it makes existing regulations much more enforceable without adding any real additional burden on law abiding citizens.
Same here, Grammy. I was glad to vote for her.
"So, was the Patriot act written poorly, or is this just grandstanding by the congress-critter?"
grandstanding?
If the Patriot Act allows a MC card as proof of identity then what fools are we? I've said all to be careful, that the very things we've supported Bush on, under he guise of national security, will come back to bite us. This is a perfect example....and just wait til comprehensive immigration reform passes...no doubt THOSE immigration laws WILL be enforced.
I agree. It infuriates me what Bank of America is doing. But I would much rather see this taken care of in the marketplace. Keep the government OUT!!!
> If the Patriot Act allows a MC card as proof of identity
> then what fools are we?
Is the purpose of identification, especially in banking transactions, to know who a person is, or to lamely shuck and jive some kind of kabuki theater about immigration because we haven't got the guts to actually enforce the law?
If that seems confrontational, I'm sorry.
But please look at the actual effect of such legislation. Assume that no one who is not in this country legally can use banking or money transfer services.
Good?
No. Very, very bad. Because what WILL happen is a black market will spring up to service the illegal immigrants and that same market will have no way of knowing (assuming they would even care) when the terrorists look for service.
The law of unintended consequences is re-enacted with every new piece of legislation.
So, was the Patriot act written poorly,
I'd say that it was written the way the lobbyists wanted it to be written. Banks (and other groups) wanted to be able to accept ITINs in lieu of S.S. numbers and they wanted the Matricula Consular to be an acceptable form of photo ID.
GOP Lawmakers Peeved at New Bank of America Credit Card Program
WASHINGTON — Lawmakers are lashing out at Bank of America Corp. over its new program to offer credit cards to customers without Social Security numbers, saying it creates a dangerous loophole for terrorists and illegal immigrants.The [credit card] program welcomes applicants without a Social Security number and credit history if they have held a checking account with the bank for three months without an overdraft... Bank of America stands by its program, saying that it complies with all U.S. banking and anti-terrorism laws.
Rep. Ed Royce, R-Calif., said a loophole in a Treasury regulation allows Bank of America to act within the law. "It's risking our security and it's happening because the administration and Democrats in Congress won't close this loophole."
In 2004, Royce unsuccessfully tried to close the loophole, a provision in the Patriot Act that allows banks to use unsecured forms of identification — like the easily obtained matricula consular cards issued by the Mexican government — to open bank accounts, transfer funds and do other transactions.
snip
This is laughable. Banks issue credit cards to people world wide, they in no means limit lines of credit to American citizens or even residents of the United States.
The Patriot Act requires an authorized ID. President Bush instructed the IRS to issue ITIN's to illegal aliens. An ITIN and a Matricular Consular card is sufficient id for the Patriot Act.
If I'm understanding you correctly, your logic sounds right up there with the those who say our immigration laws are 'broken' and in order to fix them, we should just give all the illegal aliens amnesty.
> If I'm understanding you correctly,...
Don't worry, there doesn't seem much risk of that.
Deputizing banks because the feds are too damned lazy and incompetent to enforce the laws already on the books is stupid, useless, ridiculous showboating, with no real effect.
But, hey, if it makes you feel good, go for it. </s>
Ping!
Only read the first few posts, but gotta say a few things.
Folks are right when they say we don't need new regulations. What we need to do is roll back the new regs from 3-4 years ago when Treasury made the change to accept the Matricula Consular and Taxpayer Identification Numbers for financial transactions.
The FBI testified before the House Banking Committee trying to keep that from happening. Guess what?
Bttt!
I'm dumping Bank of America because of their pandering, and they're not the only one doing it.
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