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The federal government’s Bank Secrecy Act and Anti-Money Laundering rules must be updated to recognize the huge burden requirements have on small institutions, such as credit unions, the industry’s trade groups said this week.

“Credit unions take BSA/AML compliance seriously and dedicate significant resources to it,” CUNA President/CEO Jim Nussle wrote in a letter to leaders of the Senate Banking Committee. “However, when credit unions are spending their limited resources disproportionately on compliance, this means they are spending fewer resources on innovating and providing safe and affordable products and services.”

David Baumann

Credit Union Times

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