Federal Credit Unions Are Not Money Service Businesses

Question - During a Bank Secrecy Act (BSA) training session, a board member asked me about money services businesses (MSB). As I described the products and services that many MSBs provide, we discovered there is an overlap of products and services with our federal credit union (FCU) and many MSBs. The board member wanted to know whether FCUs also qualify as MSBs. While I believe that FCUs are not also MSBs, I could not locate a source for my belief. Am I correct?

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