Thursday, October 11, 2007

Banking for Illegal Aliens - Update

To follow up on my previous post, I had an e-mail conversation with the President of Blackhawk Bank. He are some notable quotes from our e-mails:

"One part of the government is strongly encouraging banks to comply with the Community Reinvestment Act by banking the “unbanked”, another euphemism for “illegal aliens.” The FDIC has a whole unit devoted to promoting banking services to illegals and, in fact, sponsors conferences on the subject."

I've done work for banks before. I know what he is saying when he says "strongly encouraging". It basically means he's being forced to give accounts to Illegals. How said is that?

"We file an SAR, a Suspicious Activity Report, on absolutely every ITIN transaction we do with the government which has all the information they need to know who is where. But, as you point out, the government does nothing with the information."

This is probably all that banks are allowed to do.

The moral of the story?


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