Newsroom
NAFCU to House: Take the burden off CUs; FinCEN should modernize and streamline SARs
NAFCU Vice President of Legislative Affairs Brad Thaler Wednesday wrote to the House Financial Services Committee prior to today’s hearing “Oversight of the Financial Crimes Enforcement Network.” In the letter, Thaler reiterates NAFCU’s request to modernize and streamline suspicious activity reports (SARs) and records that can better identify financial crimes.
Thaler mentions that the SAR reporting thresholds are outdated, having “remained unchanged for decades.” Due to this issue, in combination with the rapidly increasing inflation rate, NAFCU recommends that FinCEN immediately begin studying the impacts of tying the SAR reporting thresholds to inflation.
“The outdated thresholds cause some SARs to be useless to law enforcement because behavior that was once thought of as suspicious has since become common transaction practice,” added Thaler.
Thaler also adds how these outdated SARs thresholds cause major burdens for credit unions as their members rely on them to assist with all financial matters; and the burden of notifying reporting companies should not lay on their shoulders.
In addition, the letter discusses FinCEN’s previous indication that it views itself as “technology neutral,” regulating the activity of money transmission and not just specific types of transactions – since credit unions continue to abide by BSA/AML rules and regulations and the risks associated with digital assets remain a significant concern.
“As FinCEN and other federal agencies work together on an initial government-wide strategy regarding digital assets regulation and supervision, it is important that FinCEN maintain its technology neutral stance,” stated Thaler.
Read the full letter. NAFCU will continue to work with Congress and FinCEN to make sure credit union concerns are recognized.
Share This
Related Resources
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.