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CUNA to GAO: CTR Exemptions Not Worth it

CUNA met with the Government Accountability Office recently to explain credit unions' particular problems with Currency Transaction Reports as the agency produces a study on it for Congress.

By Sarah Snell Cooke | Updated on March 20, 2007

WASHINGTON — CUNA met with the Government Accountability Office recently to explain credit unions’ particular problems with Currency Transaction Reports as the agency produces a study on it for Congress.

The GAO is performing the research as directed under the regulatory relief law enacted last year. The House has already passed legislation this year to exempt financial institutions from having to file CTRs on “seasoned customers,” as introduced by Financial Services Committee Ranking Member Spencer Bachus (R-Ala.).

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