What must a credit union's Customer Identification Program procedures describe?

The procedures of a Customer Identification Program (CIP) must include a clear and comprehensive description of how the credit union will verify the identity of its members and what specific documents will be accepted for this purpose. This is essential as the Bank Secrecy Act requires financial institutions to implement CIPs as a means of preventing fraud and money laundering activities.

A robust CIP outlines the methods used to verify customer identities, such as the types of identification required (e.g., government-issued IDs, utility bills, etc.) and the processes followed to authenticate these documents. This focus on identity verification is central to maintaining integrity within the financial system and ensuring compliance with regulatory requirements.

The other options, while relevant to the operations of a credit union, do not address the primary focus of a CIP. Advertising services, discussing account-opening fees, or promoting financial literacy fall outside the requirements of identity verification procedures. The emphasis on identity verification is crucial for preventing illicit activities and ensuring that the credit union can accurately assess the risks associated with new members.