NEW YORK–The chief of New York City’s financial services department is calling on the state-chartered banks and credit unions to accept municipal identification cards, such as the NYC ID card, when cardholders are seeking to open accounts.
State Department of Financial Services Superintendent Maria Vullo sent a letter last week to leaders of the New York Bankers Association, Karen Armstrong, NYBA's vice president of communications and political action, told Reuters. Reuters reported the same letter was sent to the New York Credit Union Association.
The president/CEO of the bankers group, Michael P. Smith, said his organization has no problem with accepting what are known as the IDNYC cards.
"The opinion of the Department of Financial Services is consistent with an earlier opinion by the federal regulators, which left in banks' discretion the decision whether to accept IDNYC for opening bank accounts, as long as the customer meets the bank's established standards for compliance with federal and state laws," Smith told Reuters. "Banks are committed to finding innovative ways to serve underbanked communities and IDNYC may play a meaningful role in that effort."
In her letter, Vullo said that access to banking services "helps preserve income, leads to savings and asset-building opportunities, and improves access to affordable credit opportunities.
The NYC ID is a free identification card that has been popular with immigrants and touted by New York City Mayor Bill de Blasio, Reuters reported.