August 04, 2017

NAFCU backs Wyden-Rubio Corporate Transparency Act

NAFCU's Brad Thaler yesterday lodged support for the Corporate Transparency Act of 2017, legislation introduced this week by Sens. Ron Wyden, D-Ore., and Marco Rubio, R-Fla., to facilitate more coordination between state agencies, law enforcement and credit unions under Bank Secrecy Act programs.

Thaler, NAFCU's vice president of legislative affairs, noted the good working relationship between credit unions and Treasury's Financial Crimes Enforcement Network. "However, BSA requirements still remain a burden to implement, especially with the ever-growing tidal wave of new regulations since the financial crisis," he wrote in a letter to the two senators.

The new Senate bill (S. 1717), which is similar to a NAFCU-backed measure from Rep. Carolyn Maloney, D-N.Y., is aimed at ensuring credit unions have access to beneficial ownership account data required to be reported under the BSA. The measure focuses specifically on data collected by states that is related to corporations or limited liability companies formed under state laws.

Thaler, in his letter, thanked Wyden and Rubio for their leadership in seeking to address the impact of these requirements on credit unions.