Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.