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Washington
CUNA nominates two to BSA advisory group
WASHINGTON (12/18/07)—The Texas CU League and the Association of Corporate CUs would make significant contributions as members of the Bank Secrecy Act Advisory Group (BSAAG), said the Credit Union National Association (CUNA) in letters nominating the groups for membership. BSAGG was established in 1992 to enable the financial services industry and law enforcement to advise the Treasury Secretary on ways to enhance the usefulness of Bank Secrecy Act (BSA) reports. CUNA has been a member of BSAAG since 2003 with a term that has been extended to 2009. In nomination the Texas league, CUNA wrote of that group’s “unique position” of being a state credit union trade association that is very knowledgeable about Bank Secrecy Act (BSA) issues. The league regularly provides assistance to its members with regard to these issues. “This perspective will provide a substantial contribution to the BSAAG while its credit union membership will provide diversity among the trade associations that are members of the BSAAG,” CUNA said. The letter added that the state league last year produced a BSA training video that is used not only by Texas credit unions, but other state credit union trade associations and credit unions across the country. In support of a membership position for the Association of Corporate CUS (ACCU), CUNA wrote that group “provides awareness to corporate credit unions about applicable laws and regulations, including (BSA issues), submits input on proposed regulations, assists with regulatory and compliance issues, and creates industry specific best practices.” “In essence, corporate CUs are banker’s banks and are responsible for adhering to every aspect of monitoring and reporting as required by the BSA. We believe the ACCU would be in an excellent position to make a significant contribution to the activities of the BSAAG, as it is in the unique position of being a trade association that is very knowledgeable about BSA issues and provides assistance to its members with regard to these issues,” CUNA said. Earlier this year, Navy Federal CU was selected to serve a three-year BSAAG term. CUNA had nominated the credit union. BSAAG is part of the Treasury Department's Financial Crimes Enforcement Network (FinCEN).


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