Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
FinCEN plan wont affect CU remittances WOCCU says
MADISON, Wis. (9/30/10)--A new plan by the Financial Crimes Enforcement Network (FinCEN) to require financial institutions to report all international wire transfers to the government will not affect the World Council of Credit Union’s (WOCCU) remittances program, according to WOCCU. “The proposed rule change by FinCEN will not substantially affect our remittance program credit unions because they do not send or receive transfers directly,” said Saul Wolf, remittances manager for WOCCU’s IRnet. FinCEN’s proposal, released Monday, would target about 300 banks and 700 money services businesses that directly send or receive transfers to and from overseas, according to American Banker (Sept. 28). Under the proposal, banks would report all international wire transfers, regardless of amount, while money services businesses would track transfers of $1,000 or more. The proposal would not be effective until 2012, FinCEN said. The financial industry has 90 days to comment on it.
Other Resources

RSS print
News Now LiveWire
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
11 minutes ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
1 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
2 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
2 hours ago
.@MICreditUnions is recruiting member #creditunions to participate in a campaign to help state residents thrive in retirement.
2 hours ago