WASHINGTON (2/21/13)--The Credit Union National Association has nominated a trio of credit unions to serve on the Financial Crimes Enforcement Network's (FinCEN) Bank Secrecy Act Advisory Group (BSAAG).
"As not-for-profit financial cooperatives, credit unions 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," CUNA Deputy General Counsel Mary Dunn said.
The CUNA-nominated credit unions are:
- United Nations FCU, Long Island City, N.Y., which boasts more than 100,000 members living in more than 205 countries and territories and $3.7 billion in assets;
- First Commerce CU, Tallahassee, Fl., which holds $350 million in assets and has more than 37,000 members; and
- CP FCU, Jackson, Mich., which holds $360 million in assets and has 46,000 members.
Dunn noted these credit unions have been very active in BSA and payments issues and have provided substantial assistance to CUNA and others regarding BSA, payments, and regulatory issues that affect credit unions.
Assistant General Counsel for Regulatory Research Dennis Tsang is CUNA's BSAAG representative.
The BSAAG is comprised of representatives from federal regulatory and law enforcement agencies, financial institutions, and trade associations. The group makes BSA policy recommendations to the U.S. Treasury Secretary.
CUNA has been a member of BSAAG since 2003, and is scheduled to fill the Credit Union Industry Trade Group position on the advisory group through February 2015. CUNA also participates on the parent group and its working subgroups, including the Banking, Law Enforcement, Prepaid Access, and Suspicious Activity Report (SAR) Review subcommittees.
For more on the nominees, use the resource link.