WASHINGTON — CUNA's Examination & Supervision Subcommittee recently established a Bank Secrecy Act Task Force to create a central location for submitting and analyzing BSA compliance and cost concerns and work toward solutions.
Harvard University Employees Credit Union President/CEO Eugene Foley is chairing the task force, which plans to hold its inaugural meeting shortly. "Compliance has been a competitive disadvantage, especially for smaller credit unions because the cost is just driving credit unions out of business," he explained.
Foley said he liked the idea of the risk-oriented focus as suggested recently by Treasury, but the devil will be in the details. "We're going to be taking a look at that. That might help us as long as it takes into account the risk assessment that the credit union has," he said. For example, a tightly knit church based credit union currently has the same BSA requirements as the largest banks.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.