States meet with Treasury on anti-money laundering rule

WASHINGTON – Eight state supervisory agencies that regulate privately insured credit unions participated in a teleconference with Treasury on May 9 to discuss the development of anti-money laundering rules as stipulated in the USA PATRIOT Act passed last year. The participating regulators were from Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada and Ohio. NASCUS said Treasury officials asked for assistance from the association in deciding how the rules will pertain to state-chartered, privately insured CUs. NASCUS Vice President for State Regulatory Affairs Mary Martha Fortney said the Treasury gave the regulators a detailed explanation of the background and purpose of the proposed money laundering rules, and the regulators informed Treasury of existing regulations for privately insured credit unions in their respective states. "This was an ideal opportunity for state supervisory agencies and the Treasury Department to share valuable information pertinent to the development of anti-money laundering rules for state-chartered, privately insured credit unions," said Fortney.