April 24, 2018

NAFCU shares CU feedback on BSA, CDD with FinCEN

Berger, Blanco
NAFCU President and CEO Dan Berger (left) shared credit unions' concerns related to BSA requirements with FinCEN Director Kenneth Blanco (right) during a meeting Monday.

NAFCU met with the Financial Crimes Enforcement Network (FinCEN) yesterday to share the credit union perspective on regulations under the Bank Secrecy Act (BSA) and impending customer due diligence (CDD) rules in an effort to improve the industry's regulatory environment.

This was NAFCU's first meeting with new FinCEN Director Kenneth Blanco. In September, NAFCU President and CEO Dan Berger met with then FinCEN Acting Director Jamal El-Hindi, now the agency's deputy director. 

During Monday's meeting, FinCEN shared its priorities with NAFCU and the association offered credit unions' feedback related to suspicious activity report (SAR) and currency transaction report (CTR) filings, preparing for the final CDD rules (effective May 11) and safe harbors related to information sharing.

The two organizations also discussed ongoing collaboration between the NCUA and FinCEN, and additional opportunities to collaborate with credit unions.

NAFCU has previously raised concerns about the regulatory burden presented by FinCEN's rules on collecting SARs, and has also addressed with FinCEN the currency transaction reporting process. The association has also voiced its concerns regarding FinCEN's final due diligence rules because of the costs and burden they would impose on credit unions.

Berger, NAFCU Vice President of Regulatory Compliance Brandy Bruyere, NAFCU Director of Regulatory Affairs Alexander Monterrubio and NAFCU Regulatory Affairs Counsel Ann Kossachev attended Monday's meeting.