The Emperor Has No Clothing; Let's Evaluate Anti-Money Laundering Reg Impact--Good and Bad
NCUA Board Member Gigi Hyland recently addressed a "compliance conference" co-sponsored by the Credit Union Times. Her keynote address was titled "Keeping the B.S. out of BSA." Her comments as reported 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 denigrate the efforts or sincerity of Ms. Hyland. My purpose is to stand up and hopefully initiate a widespread grassroots campaign to address what I deem to be the insanity involving the unintended consequences from the passage of the USA Patriot Act. For five years, hundreds of millions of dollars have been expended in implementing, regulating, auditing and complying with the nuances evolving from this well intended government boondoggle. Compliance is now the employment growth opportunity within every segment of the financial services industry. The American consumer, including credit union members, is footing the bill to feed this bureaucratic monster. All this time, effort, and money are being squandered to no avail. Has any significant progress been made in stopping the "bad guys" because of our collective efforts? Apparently not! I intend to seek passage of a new bill entitled "Mom, Apple Pie and The Flag." This bill would require Congress to review the outcomes from five years of compliance requirements versus the total dollars invested in this nightmare of government bureaucracy run amuck.
The road to hell is paved with good intentions. The hellish nightmare that we are experiencing is proof of the truth of that old adage. Trades, regulators, legislators, are you listening? Greg Blount President Tropical Financial Credit Union Miramar, Fla.