Individual citizens suffer from many ridiculous regulations that are out of date, or contradict other regulations. It woudl be great if BECU would partner with other credit unions and/or banks to regularly bring these problems to the attention of the regulatory agency and ask that they be improved.
There are many instances, I am sure. The one that got my attention today: (quote from a secure message to me from BECU today - edited for identity removal)
"BECU is required by Federal Banking Regulation to provide an official statement of accounts to each primary account holder each month. In this case, [my minor child] is the primary account holder on her Early Saver account, which means that she is the legal tax owner whose social security number is used for tax reporting and under whose name the statement is issued.
In order to enroll in eStatements, the primary account holder must enroll in Online Banking and opt in to electronic disclosures and eStatements. Unfortunately, this creates a predicament because the COPPA (Children’s Online Privacy Protection Act) forces us to restrict Online Banking access for persons under the age of 13, and therefore members under 13 cannot have eStatements for their accounts. Once [she] turns 13, she would then eligible to enroll in Online Banking and eStatements. Until then, we will be required to continue to send the paper statements by mail to be in compliance with banking regulation."
Whichever regulatory issue requires that montly statements be sent could be encouraged to add "if the primary account holder is less than 13 years old, the statement may be electronically delivered to a parent or legal guardian".
I bet there are hundreds of these cases. Let's fix the ridiculous bureaucracy!