Which four pieces of information are credit unions required to collect from each new member?

The correct answer identifies the key pieces of information that credit unions are mandated to collect from each new member to comply with the Customer Identification Program (CIP) requirements of the Bank Secrecy Act. These requirements are aimed at preventing money laundering and financing of terrorism by ensuring that financial institutions verify the identity of their members.

The four pieces of information specified in the correct response—name, address, date of birth, and identification number—are fundamental for establishing a member's identity. The name and address help to authenticate where the person resides and provide a clear identifier. The date of birth is crucial for determining the individual's age, which can impact eligibility for certain types of accounts or services. Finally, the identification number, such as a Social Security number or taxpayer identification number, serves as a unique identifier for record-keeping and compliance purposes.

In terms of regulatory compliance, these elements are necessitated not just for identification but also to ensure that institutions perform adequate due diligence. This allows credit unions to maintain robust records and facilitates law enforcement investigations, if necessary. Thus, the selection of this specific combination of information aligns precisely with the regulatory framework set forth by the federal requirements for financial institutions.