WASHINGTON (5/14/13)--Credit Union National Association comments on Bank Secrecy Act burdens are one of many topics tackled in this week's edition of the Regulatory Advocacy Report.
CUNA has called for reduced credit union regulatory burdens during recent U.S. Treasury Bank Secrecy Act Advisory Group (BSAAG) meetings. CUNA has also suggested that BSAAG promote more efficient Bank Secrecy Act rules.
The BSAAG is comprised of representatives from federal regulatory and law enforcement agencies, financial institutions, and trade associations. The group makes BSA policy recommendations to the U.S. Treasury Secretary.
CUNA has been a member of BSAAG since 2003, and is scheduled to fill the Credit Union Industry Trade Group position on the advisory group through February 2015. CUNA also participates on the parent group and its working subgroups, including the Banking, Law Enforcement, Prepaid Access, and Suspicious Activity Report Review subcommittees.
Recent Consumer Financial Protection Bureau developments detailed in this week's Regulatory Advocacy Report include:
- The recent proposal of a credit insurance premium effective date delay;
- Details on a CFPB private student loan report and how the CFPB may address the student loan issue going forward;
- Proposed clarifications of the ability-to-repay/qualified mortgage and mortgage servicing rules; and
- The elimination of a restrictive independent ability-to-pay assessment requirement.
Recent Federal Housing Finance Agency actions, and the impact that high profits from government-sponsored enterprises Fannie Mae and Freddie Mac could have on housing reform talks, are also discussed in this week's report. Handy CUNA regulatory advocacy resource charts are also provided.
Employees or volunteers of CUNA and state credit union league member credit unions can sign up below to receive the Regulatory Advocacy Report.
The Regulatory Advocacy Report
is archived on cuna.org