Important issues
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Critics Warn of Risks in New York City Municipal ID (IDNYC) Banking Bill
A controversial bill requiring New York banks to accept the New York City Municipal ID (IDNYC) as valid identification for opening accounts is facing backlash, with critics raising alarms about security, oversight, and potential misuse.
While supporters argue the legislation promotes financial inclusion for undocumented and low-income individuals, opponents contend it could inadvertently create loopholes for fraud and money laundering.
A major concern centers on the bill’s reliance on IDNYC, which critics argue is less secure than state or federally issued identification. Unlike driver’s licenses or passports, IDNYC allows applicants to use temporary housing addresses and does not require a Social Security number. New Yorkers should be asking if promoting financial access justifies potentially undermining security measures.
A09057 Floor Votes
Date 06/04/2024 • Assembly Vote • Yea/Nay 93/52
The Senate amended it and referred it back to banks.