Saying that credit unions were "not established to review and evaluate the legality of their members' behavior," NAFCU endorsed amendments that would require law enforcement agencies to initiate requests for suspicious activity reports.
Sen. Rand Paul (R-Ky.) is trying to offer the amendment to a four-year extension of the Patriot Act, which the Senate and House are trying to complete work on this week. Two sections of the measure, which was passed to give the government more power to combat terrorism after the Sept. 11, 2001, attacks, were set to expire Thursday night.
The amendment would shift the burden for generating SARs to law enforcement agencies who would request them from credit unions and other financial institutions. Currently, financial institutions have to automatically generate these reports, which many complain is a severe regulatory burden.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 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.
