ARLINGTON, Va. - Mary Martha Fortney, president/CEO of NASCUS joined state banking departments from 29 states and Director of FinCEN William Fox on June 1 in the signing of the Bank Secrecy Act information sharing agreement. The signing took place at the Conference of State Bank Supervisors' 104th Annual Conference in San Antonio. NASCUS state regulators have been working for several months with CSBS, FinCEN, federal banking agencies and the Internal Revenue Service to produce agreements to allow BSA information to be transmitted back and forth between state credit union and banking departments and federal agencies. Fortney said, "The Memorandums of Understanding are important to solid communication between federal agencies and the states in the effort to adapt to the heightened BSA regulatory atmosphere," adding that "NASCUS encourages states to participate in the information sharing agreements."
From the June-15, 2005 issue of Credit Union Times Magazine • Subscribe!
Fortney Joins State Reg Agencies in Signing of BSA Sharing Agreement
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