A bank account, a number, a social security number, an email address and the number of people that a bank can claim a trust for, are among the data that can be used to establish an identity for a person, the Federal Reserve Board of Governors said in a letter to regulators.
In its letter, the Fed said that bank accounts are not public records and are not subject to public access laws.
However, it said the federal government may use the information in the form of subpoenas, as required under federal law.
The letter, addressed to the Federal Deposit Insurance Corporation, the Financial Institutions Supervisory Board and the Office of the Comptroller of the Currency, was sent last week to the regulators.
It said the information is “potentially sensitive” and “may not be suitable for public release.”
The Federal Reserve has been asked to provide an update on its work on identifying the identity of accounts, as well as the financial institutions that are responsible for maintaining and maintaining such accounts.
The Fed, which oversees the Federal reserve, is also examining the possibility of requiring financial institutions to disclose more information about the identities of accounts maintained in the name of a deceased person, if that is possible.
More than 2.2 million people have died and hundreds of millions of dollars have been stolen from banks and other financial institutions, according to the Consumer Financial Protection Bureau, which has been investigating fraud related to money transmission in the United States.
A report issued by the agency last week found that there were more than 5,000 fraudulent transactions associated with the account system at the end of March.
The report was made public Tuesday.
Banks say that people may choose not to report money they do not have or do not want to keep on a given account, which may be considered an error.
According to the Fed, the financial institution may choose to retain the information for up to five years.
Last year, a bank in Texas decided to delete an account from the consumer’s name list for reasons that were not related to the death of a person.
The bank did not say why the account was deleted or why the name had been removed.