Removing Barriers Blog

CUNA Supports NCUA’s BSA Proposal
Posted February 22, 2021 by CUNA Advocacy

Today, CUNA filed a comment letter in support of the NCUA’s proposed rule regarding requirements under the Bank Secrecy Act (BSA). 

Specifically, the proposal would allow the NCUA to issue exemptions from the requirements of its Suspicious Activity Reports (SARs) regulation.  Under the proposed rule, the NCUA would determine whether the exemption is consistent with the purposes of the BSA and with safe and sound practices, and may consider other appropriate factors. The NCUA would also seek FinCEN’s determination on whether the exemption would be consistent with the purposes of the BSA.

In issuing this proposed rulemaking, we appreciate the NCUA’s effort to provide a degree of regulatory relief as well as encourage credit unions to pursue innovative solutions to compliance requirements. We also believe it is important to maintain parity with the SARs regulations of the other federal financial regulators, which also have similar pending SARs proposals.