[Bill author, supervisor Tom Ammiano] said banking institutions in San Francisco have signaled their willingness to accept the municipal ID card for the purpose of setting up accounts. He noted that people without bank accounts are frequently more vulnerable to theft and robbery.At least the first two banks listed as well as the Federal Reserve have in the past taken steps to profit from indirect illegal activity: the money that illegal aliens earn by working illegally. And, in fact, the Bush administration fought to allow banks to accept Mexico's ID card which is only of use to illegal aliens. And, from the Bank on San Francisco page (sfgov.org/site/bankonsf_index.asp?id=46628):
Officials with the city's Bank on San Francisco program, which helps people obtain bank accounts, said institutions such as Wells Fargo, Bank of America, Washington Mutual and US Bank had expressed interest in accepting the ID cards.
Bank on San Francisco is a city partnership with the Federal Reserve Bank. Although criteria for opening bank accounts are set in part through the USA Patriot Act, "to our knowledge that law is not a bar to a municipal ID," said David Augustine, spokesman for the city treasurer's office, which oversees the program.
Accept alternative forms of identification, such as consular identification cards. For many immigrants, the barrier to opening an account is having the proper documentation.The banks aren't going to earn that much off this; I'd imagine that due to the cost of living in Frisco they don't have a high illegal alien population (except for those living 20 to an apartment in shifts). However, this could be used as an entree to other cities, such as Los Angeles.
Anne Stuhldreher, a Fellow at the New America Foundation, approached staff of San Francisco Mayor Gavin Newsom and City Treasurer Jose Cisneros with the initial concept. The Treasurer’s Office convened a working group of the staff of the Mayor and Treasurer, the Mayors Office of Community Development, New America Foundation, and EARN, a citywide nonprofit that helps low-income residents build assets. The Federal Reserve Bank of San Francisco joined the group soon after hearing about the program.To participate in the program, banks have to accept those foreign IDs which are of use only to illegal aliens. And:
From further research, the working group learned that Latinos who are un-banked often don't realize that you do not need a social security number to open an account and that they can open accounts with Mexican or Guatemalan Identification cards.In other words, you don't have to be here legally to have a U.S. bank account.
[at a meeting] Michael Frias, of the Federal Depository Insurance Corporation [sic], discussed how the New Alliance Task Force is helping banks learn about how they can accept the Matricula Consular Card and develop products and services to help Latino immigrants, save, send money to their home countries, and buy homes... The New Alliance Task Force is a partnership between the FDIC, the Mexican Consulate, banks, community-based organizations, federal regulators, the secondary market, and private mortgage insurance companies. The partnership has opened 50,000 new bank accounts totaling $100 million.In other words, something akin to a federal agency is collaborating with a foreign government to help nationals of that government who are here illegally get home loans, and is assisting banks to profit from money that was earned illegally.
Immigration2007b · Wed, 11/14/2007 - 08:26 · Importance: 9