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CUNA stresses compliance issues to CFPB BSA groups
WASHINGTON (10/17/11)--The Credit Union National Association (CUNA) continued to emphasize the high compliance burdens and increased costs that the Federal Reserve’s proposed remittance changes would impose on credit unions during a meeting with the Consumer Financial Protection Bureau (CFPB) last week. The Fed proposal, which will be finalized by the CFPB, would implement a provision of the Dodd-Frank Act to require credit unions and other remittance providers to provide estimates of fees and exchange rates. The proposal also includes new error resolutions procedures. CUNA specifically noted that the compliance burden would increase for credit unions and others that rely on “open networks,” adding that disproportionately high costs borne by smaller credit unions and other unintended consequences could effectively force many, if not most, credit unions to cease or limit their international wire and international automated clearinghouse (ACH) products. Bill Cheney, CUNA president/CEO, said CUNA “continues to seek a positive outcome on this proposal during the rulemaking process and will follow up with the CFPB to emphasize credit union concerns and to provide additional information.” CUNA last week also met with U.S. Treasury representatives at a Bank Secrecy Act (BSA) Advisory Group meeting. Suspicious activity report (SAR) activity review statistics and law enforcement cases, potential changes to BSA filing procedures, and the Financial Crimes Enforcement Network’s information technology modernization efforts were among the topics covered during the meeting. CUNA Deputy General Counsel Mary Dunn said CUNA’s regulatory advocacy staff will continue to work with the BSA group and their subcommittees, as well as CUNA’s Payments Policy Subcommittee and credit unions, to address further BSA developments and to minimize compliance burdens associated with reporting forms and regulatory proposals.


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