What four pieces of information are required from each new member by credit unions?

The correct answer identifies the essential pieces of information that credit unions are required to obtain from each new member to comply with regulatory requirements, particularly under the USA PATRIOT Act and relevant banking regulations.

Obtaining the name, address, date of birth, and identification number ensures that credit unions can accurately identify members and verify their identity. This is critical for preventing money laundering, fraud, and ensuring the financial institution can meet its legal responsibilities.

The name and address provide essential personal identification information. The date of birth adds another layer to confirm a member's identity and verify their age, which is important for compliance with financial regulations. The identification number, which can be a Social Security number or another government-issued number, serves as a unique identifier in the financial system and helps in records management while also aiding in background checks for any suspicious activities.

This combination of data serves not only to confirm identity but also to provide an audit trail should there be a need for further compliance checks or investigations in the future.