WASHINGTON – Credit unions citing NCUA as their primary regulator more than doubled the number of suspicious activity reports they filed last year.
The Financial Crimes Enforcement Network's SAR Activity Review-By the Numbers showed the institutions primarily regulated by NCUA increased from 12,254 in 2004 to 25,875 last year.
An NCUA spokesperson said the increase was likely due to three factors: the "increased degree and complexity of suspicious activity," credit unions' proactive vigilance, and stepped up regulatory measures by NCUA.
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