Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Fed FinCEN seek BSA definition comments
WASHINGTON (11/30/12)--The Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) on Thursday released an advanced notice of proposed rulemaking (ANPRM) seeking comment on potential amendments to the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act (BSA).

The agencies said the proposed changes are intended to maintain the current scope of the definitions and are necessary in light of changes to the Electronic Fund Transfer Act that will result in certain currently covered transactions being excluded from Bank Secrecy Act requirements.

Comments on the ANPRM will be accepted until Jan. 25.

Credit Union National Association (CUNA) Director of Compliance Information Valerie Moss said FinCEN has to amend its definitions of "funds transfer" and "transmittal of funds" because its BSA regulations exclude any funds transfers that are governed by the Electronic Fund Transfer Act (EFTA). The Consumer Financial Protection Bureau's Regulation E remittance transfer regulation covers transactions that have traditionally been outside the scope of EFTA and Reg E, including consumer-initiated international wire transfers that were covered by BSA regulations.

"So, the BSA regulations had to be amended to maintain coverage of these types of transactions," she added.

For more on the ANPRM, use the resource link.
Other Resources

RSS print
News Now LiveWire
CU-supported Ruben Gallego won Dem primary for congressional seat in Ariz's 7th District v. better-know opponent. http://t.co/WXDugmNsOj
50 minutes ago
.@TheCCUL names 6 finalists for @CUaware Protege competition. See #NewsNow Wed
16 hours ago
Starting w/FHA-insured mortgages closed on/after 1/21/2015, interest payments will stop on date prepayment is made in full. See #NewsNow Wed
17 hours ago
.@FreedomCUinPA has awarded 4 teachers $500 each for being voted 95.7 BEN-FM's Teacher(s) of the Month.
18 hours ago
Credit card debt increasing in metro areas says @Equifax http://t.co/gkHOptwMyf
18 hours ago