Posted by OR on 5/26/11 9:14am
Msg #384343

Patriot act expires midnight tonight.

http://www.huffingtonpost.com/2011/05/26/patriot-act-extension-congress-deadline_n_867322.html?icid=main%7Chtmlws-sb-n%7Cdl1%7Csec3_lnk2%7C214298

Does that mean that we dont have to fill out the form if it is not extended?

Reply by OR on 5/26/11 9:16am
Msg #384344

I have a funeral to go to so I will be gone a few days. I just think it is something we should watch. I'll read all the coments when I get back.

Reply by Linda_H/FL on 5/26/11 9:17am
Msg #384345

"Does that mean that we dont have to fill out the form if it is not extended?"

Only time will tell

Reply by SharonMN on 5/26/11 9:20am
Msg #384346

Read the article. The only parts that expire are:

The legislation would extend for four years provisions that allow law enforcement officials to set roving wiretaps to monitor multiple communications devices; obtain court-approved access to business records and other documents, including library check-outs, that might be relevant to a terrorist threat; and conduct surveillance of "lone wolf" suspects not known to be tied to specific terrorist groups.

Not relevant to our job (unless the gov't suspects you of being a terrorist.) Besides, even if the part requiring financial institutions to collect certain personal information were to expire, most lenders collected this information prior to the PATRIOT Act and would continue to do so voluntarily. That's information they need - how else would they check the bwr's credit?

Reply by OR on 5/26/11 9:47am
Msg #384350

I think it is because it of the line: "aproved acess to business records and other documents..."

The legislation would extend for four years provisions that allow law enforcement officials to set roving wiretaps to monitor multiple communications devices; obtain court-approved access to business records and other documents, including library check-outs, that might be relevant to a terrorist threat; and conduct surveillance of "lone wolf" suspects not known to be tied to specific terrorist groups.

Reply by Linda_H/FL on 5/26/11 9:55am
Msg #384352

It says " allow law enforcement officials to ... obtain court-approved access to business records and other documents"....note: 'Allow law enforcement officials"...

I don't think this will impact us at all - I think now that these Patriot Act forms have been integrated into standard loan packages, I don't think you're going to see them disappear regardless if the law expires or not. They're here to stay.

JMO

Reply by ikando on 5/26/11 3:37pm
Msg #384450

I believe you're right, Linda. I think the paper will continue to expand in this paperless society. Once a company gets something in the system, it takes a major overhaul to review and remove. Job security? Laziness? CYA? Who knows. But the paper lingers on.

Reply by parkerc/ME on 5/26/11 4:52pm
Msg #384468

Had a last minute GMAC/Ally signing last night and there was no Patriot Act Customer Identification Whatever in it. First package I've had that didn't.