Credit Union National Association (CUNA) staff participated in the U.S. Treasury’s Bank Secrecy Act Advisory Group (BSAAG) meeting last week with the Financial Crimes Enforcement Network (FinCEN), regulators, and financial institutions. At the meeting, CUNA continued to advocate for efforts to minimize regulatory burdens on credit unions and small financial institutions that have limited compliance resources and staff, and to promote more efficient Bank Secrecy Act (BSA) rules. As noted in recent remarks, FinCEN Director Jennifer Shasky Calvery is focused on a “smarter, more effective, and more cost efficient regulatory framework” on BSA issues, and the BSAAG “Delta Team” is a new effort that is focused on reducing the variance between compliance risks and illicit financing risks.
CUNA nominated three credit unions to serve on the BSAAG. They believe that credit unions, as not-for-profit financial cooperatives, will be in an excellent position to make a substantial contribution to the activities of the BSAAG, and will provide diversity among the financial institutions that are members of the BSAAG. The CUNA-nominated credit unions are: