Banks would also be required to permit federal agents to inspect all information and documentation of accounts upon their request. A 90-day comment period on the regulations ends on March 8, 1999. Unless the FDIC withdraws its proposal, banks will be required to start compliance by April 1, 2000. Paul has circulated a draft of the proposal to concerned organizations. By December 9, the FDIC had fielded over 3,000 complaints by U.S. citizens about the proposal.
Some banks worry about the costs of implementing the rules.
We've already effectively deputized bank tellers. Now we're making them private investigators as well. We're not going to invade anyone's privacy.