Posting in B&I is the accepted procedure. If you just wait for it to be noticed waiting for a response instead of letting a developer know something needs their attention, you could be waiting for a long time. Here's a direct quote from Ched from a while back:
"The creator of a single suggestion can come along and post a report themselves - that's how we can manage them and assign them to developers if they are accepted."
R+ the suggestion anyway. I would make it a whitelist rather than a passcode myself though.
A white-list system is possible, players set in the control panel receive "JOIN" button for instant faction joining rather than "APPLY".
However I've just finished designing an overhaul to the factions & companies application systems which should greatly improve things anyway. Lets check back on this in the future once that's out to determine if it's really needed.