Banks aren't equipped to interpret women's biographies
Key takeaways
- A customer enters a US Bancorp branch in downtown Chicago, Illinois, U.S., on Tuesday, Jan. 9, 2018.
- Early reports suggest that the executive order would require banks and credit unions to collect and analyze citizenship documentation for those opening or maintaining accounts.
- This opens the door for expanded name identity verification requirements that could disproportionately burden women whose names and legal identities change over time.
Why this matters: political developments that affect policy direction and public trust.
A customer enters a US Bancorp branch in downtown Chicago, Illinois, U.S., on Tuesday, Jan. 9, 2018. Photographer: Christopher Dilts/Bloomberg via Getty Images Banks were never designed to be the interpreters of women s identities. Yet, on May 19, the Trump administration signed an executive order directing federal agencies to strengthen banking identity verification, asking them to serve as validators and interpreters of women s identities.
Early reports suggest that the executive order would require banks and credit unions to collect and analyze citizenship documentation for those opening or maintaining accounts. Although the executive order does not require proof of citizenship for every account holder, it does direct the Treasury to strengthen identity verification and encourage more scrutiny of the documentation.
This opens the door for expanded name identity verification requirements that could disproportionately burden women whose names and legal identities change over time. Our modern banking system assumes that identity is linear. For men, this is often true. Men are usually born and die under the same name. Women, however, are more likely to change their names at some point, and this creates an unfair burden due to name-mismatches.