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News Now

Washington
CUNA Seeks BSA Answers From CUs
WASHINGTON (6/7/13)--To better understand Bank Secrecy Act compliance burdens, the Credit Union National Association has asked credit unions for their comments on three key issues.

The three CUNA questions are:
  • What do you see as the biggest BSA compliance challenges and breakdowns?
  • What is the most costly BSA regulation that you comply with? and
  • What do you see as the least effective BSA regulatory requirement and why?
CUNA has asked that credit unions provide their feedback by June 11. Answers may be sent to CUNA Assistant General Counsel for Regulatory Research Dennis Tsang.

CUNA continues to participate on the U.S. Treasury Bank Secrecy Act Advisory Group (BSAAG), where CUNA advocates for efforts to minimize regulatory burdens on credit unions and small financial institutions that have limited compliance resources and staff, and more efficient BSA rules. Tsang said CUNA will participate in BSAAG meetings this month to review BSA compliance challenges with senior staff from the Financial Crimes Enforcement Network, financial regulators and financial institutions.


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