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January 20, 2022

Tomorrow: Comments due to NAFCU on FinCEN RFI

reg Friday, comments are due to NAFCU in response to the Financial Crimes Enforcement Network (FinCEN) request for information (RFI) on ways to streamline, modernize, and update Bank Secrecy Act (BSA) regulations to protect the U.S. financial system in a cost-effective manner. In addition, FinCEN is specifically focusing this review on the current recordkeeping and reporting requirements, and any outdated or redundant regulations and guidance.

NAFCU sent members a Regulatory Alert to break down the RFI; the association will continue to share credit union feedback and work closely with FinCEN to ensure credit unions are aware of regulatory changes and trends. This RFI is in required by the NDAA, and you can find a breakdown of the provisions here.

In addition, NAFCU’s most recent edition of the BSA Blast – a NAFCU member-only, quarterly e-newsletter – details updates from FinCEN and outlines guidance available to help combat ransomware.

Comments on the RFI are due to NAFCU tomorrow and can be submitted through the Regulatory Alert.

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