American Bankers Association pushes stronger KYC rules, opposes SEC Form S‑3 changes

The American Bankers Association (ABA) and a coalition of bankers submitted a comment to the Federal Communications Commission urging stronger know‑your‑customer (KYC) requirements for voice service providers that originate calls. The group cited data showing widespread illegal spoofing of toll‑free numbers used by financial institutions and health providers, arguing that current rules are inadequate.

Separately, the Bank Policy Institute, ABA and the ABA Securities Association filed comments with the Securities and Exchange Commission opposing a proposal to bar “ineligible issuers,” including U.S. bank holding companies, from using Form S‑3 for shelf offerings. They warn the change would hinder capital formation for banks and is unnecessary for investor protection.