Crimes Enforcement Network Seeks Eased Large Deposit Regulations
WASHINGTON -- Depository institutions would have more leeway in complying with financial transaction reporting requirements under a regulation being proposed by the Treasury Department.
The department's Financial Crimes Enforcement Network wants to allow credit unions and other financial institutions to be able to determine sooner than 12 months after an account is opened whether some depositor's transactions of more than $10,000 (payroll customers and certain businesses) are suspicious and need to be reported.
The regulations would also remove the reporting requirement for accounts from federal, state and local governments and other depository institutions.
Comments on the regulations are due June 23. CUNA is seeking comments from its members by June 6 and plans to write a letter to the Treasury Department to meet its deadline.
NAFCU has also discussed the rule proposals with its members and plans to submit comments.