June 09, 2022

NAFCU Reg Alert examines FinCEN ANPRM on NAL program

ComplianceNAFCU Wednesday sent members a Regulatory Alert breaking down and soliciting feedback on the Financial Crimes Enforcement Network's (FinCEN) advanced notice of proposed rulemaking (ANPRM) on creating a No-Action Letter (NAL) program.

The ANPRM notes that NALs would be “a letter indicating [FinCEN’s] intention not to take or recommend enforcement action against the submitting party for the specific conduct presented in the submitting party’s request.” 

Through the Regulatory Alert, NAFCU highlighted:

  • FinCEN's current mechanisms for obtaining regulatory guidance are not made public and therefore are not able to be widely used when developing and implementing new products or services;
  • NALs essentially provide pre-approval from FinCEN to engage in certain activities; and
  • NALs could aid in providing clarity when seeking to comply with Bank Secrecy Act requirements.

Comments in response to the ANPRM are due to NAFCU July 22 and can be submitted through the alert; comments are due to FinCEN Aug. 15.

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