Enrollment Open for SSN Verification Database, Closes July 31

As mandated under the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) enacted last year, enrollment is underway for the Social Security Administration's (SSA) database to verify an individual's social security number (SSN).

The initial enrollment period began last week and will close July 31. Interested credit unions should apply for access before the deadline as the next enrollment period could be two years away, according to the SSA. Additional details can be found in the Federal Registerthe enrollment form is available here.

The Consent Based Social Security Number Verification (eCBSV) service allows permitted entities to verify an individual's SSN for a fee as long as the individual has signed consent. The service will roll out to a limited number of users in June 2020 and will expand the number of users within the first six months.

The database will allow financial institutions to verify the identity of credit applicants, helping to reduce identity theft and other financial fraud. Consent can be given via electronic signatures, as long as they are ESIGN compliant.