NCUA Board Member Gigi Hyland recently addressed a “complianceconference” co-sponsored by the Credit Union Times. Her keynoteaddress was titled “Keeping the B.S. out of BSA.” Her comments asreported in the January edition of the NCUA news were, I'm sure,less than comforting to those attending.

The purpose of my letter is not in any way meant to denigratethe efforts or sincerity of Ms. Hyland. My purpose is to stand upand hopefully initiate a widespread grassroots campaign to addresswhat I deem to be the insanity involving the unintendedconsequences from the passage of the USA Patriot Act. For fiveyears, hundreds of millions of dollars have been expended inimplementing, regulating, auditing and complying with the nuancesevolving from this well intended government boondoggle. Complianceis now the employment growth opportunity within every segment ofthe financial services industry. The American consumer, includingcredit union members, is footing the bill to feed this bureaucraticmonster. All this time, effort, and money are being squandered tono avail. Has any significant progress been made in stopping the“bad guys” because of our collective efforts? Apparently not! Iintend to seek passage of a new bill entitled “Mom, Apple Pie andThe Flag.” This bill would require Congress to review the outcomesfrom five years of compliance requirements versus the total dollarsinvested in this nightmare of government bureaucracy run amuck.

The road to hell is paved with good intentions. The hellishnightmare that we are experiencing is proof of the truth of thatold adage. Trades, regulators, legislators, are you listening? GregBlount President Tropical Financial Credit Union Miramar, Fla.