WASHINGTON — CUNA and NAFCU wrote individual letters nominating four different credit union community representatives to the Financial Crimes Enforcement Network's Bank Secrecy Act Advisory Group.
CUNA President/CEO Dan Mica nominated Navy Federal Credit Union and the Texas Credit Union League in separate letters for three-year terms on the panel. He advocated that TCUL's "perspective will provide a substantial contribution to the BSAAG, while its credit union membership will provide diversity among the trade associations that are members of the BSAAG." He noted that TCUL has advised CUNA and others on BSA related issues as they impact credit unions and has provided comments and served as a resource to a wide variety of regulatory and legislative bodies in this area. Mica said of Navy Federal, "Based on this diverse and worldwide membership, we believe Navy FCU would be in an excellent position to make a substantial contribution to the activities of the BSAAG, as it is in the unique position of being a credit union that would also have an international perspective on Bank Secrecy Act (BSA) issues."
CUNA Senior Assistant General Counsel Jeffrey Bloch currently serves on the BSAAG, of which CUNA has been a member since 2003 with a term extended to 2009.
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Additionally, NAFCU nominated itself to the advisory panel as well as the United Nations Federal Credit Union. NAFCU Director of Regulatory Compliance Anthony Demangone would represent NAFCU on the board if the nomination is accepted. President/CEO Fred Becker explained that Demangone "is a frequent speaker on BSA issues–providing instruction to local credit unions, presenting webcasts, and speaking to national audiences. In managing the association's compliance assistance activities, Mr. Demangone provides BSA training; develops BSA/AML compliance manuals; instructs credit union compliance officers at NAFCU's Regulatory Compliance School and Regulatory Compliance Seminar; and acts as Editor-in-Chief to the BSA Blast and NAFCU's Regulatory Compliance newsletter."
On the other hand, NAFCU also nominated UNFCU to serve on the BSAAG. "NAFCU strongly believes that the unique nature of UNFCU's international membership, coupled with its extensive experience and its ambitious upcoming strategic initiatives, would make UNFCU an extremely valuable contributor to the advisory group," Becker wrote. He pointed out that UNFCU has approximately 75,000 members, more than half of which are overseas. UNFCU Vice President and General Counsel John Lewis would represent the credit union on the BSAAG if the nomination is accepted. –[email protected]
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