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WASHINGTON — Credit union representatives and their regulator applauded a recent Treasury and Financial Crimes Enforcement Network announcement that it would be seeking ways to streamline Bank Secrecy Act compliance.

Representatives from the credit union community and others subject to BSA were invited to a meeting prior to the release of the announcement. At the meeting, Treasury Secretary Henry Paulson and FinCEN Director Jim Freis outlined a plan to try to ease financial institutions’ BSA compliance burden, which surveys have shown is the most onerous for credit unions. The plan would:

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