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BSA focus of meetings with regulators lawmakers
WASHINGTON (12/5/07)--The Credit Union National Association’s Bank Secrecy Act (BSA) Task Force met for over an hour Tuesday with Director James Freis of the Financial Crimes Enforcement Network (FinCEN) to discuss BSA issues. Freis reiterated to the credit union group the importance of information gleaned from Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR).
Click to view larger image NCUA Director of Examination Dave Marquis (left) and CUNA Deputy General Counsel Mary Dunn before CUNA's BSA Task Force meeting Tuesday with NCUA Board Member Gigi Hyland at the agency's Alexandria, Va., headquarters. (Photo provided by CUNA)
Click to view larger image NCUA Board Member Gigi Hyland (right) and Senior Policy Advisory Gary Kohn discuss compliance issues Tuesday with CUNA's Bank Secrecy Act Task Force. (Photo provided by CUNA)
Click to view larger image From left, Watt Prichard, president/CEO of River City FCU in San Antonio, Texas; Edwin Collins, CEO of Lockheed Georgia Employees FCU, Marietta, Ga.; Lilly Thomas, CUNA Regulatory Affairs Assistant General Counsel; and BSA Task Force Chairman Eugene Foley (right), president/CEO of Harvard University Employees CU, Cambridge, Mass. The group was part of a meeting held Tuesday with NCUA Board Member Gigi Hyland and her senior policy advisory, Gary Kohn. (Photo provided by CUNA)
“We got a credible explanation of where SARs information is going and how important it is to (file the reports),” Task Force Chair Eugene Foley said, describing the meeting. He said an FBI official attending noted that 42% of all terrorism cases currently being investigated by U.S. law enforcement have associated SAR or CTR filings. Foley said the FinCEN leader expressed his appreciation for credit union cooperation in the law enforcement efforts through BSA information gleaned from Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR). compliance. The task force also met with a staff member of House Financial Services Committee Chairman Barney Frank (D-Mass.) to request a hearing on BSA compliance issues. Foley said his group requested an examination of such BSA-related issues as duplicative filings and risk assessments through a full committee hearing. Foley said the group met also with National Credit Union Administration board member Gigi Hyland, who underscored that her agency believes BSA compliance should be a cooperative effort between financial institutions and their regulators. She also told the group that she favored a “simple, streamlined” approach to compliance. The task force also discussed technical aspects of BSA compliance with NCUA Director of Supervision Joy Lee and Judy Graham, a program officer with the agency’s office of examination and insurance. The task force is comprised of Foley of Massachusetts, Shelley Clarke of Utah (not able to attend), Watt Prichard of Texas, Dale Dalbey of Alabama, Ed Collins of Georgia, and Mary Ann Clancy also of Massachusetts.
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