Regulatory & Compliance

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.

Commenters on NCUA's proposed regulation regarding the disclosure of executive compensation in a voluntary merger generally agreed that such decisions should be left up to the board of the credit union.

The banks that have received a lot of media attention for Bank Secrecy Act violations had a lot of common problems, Charlotte Bahin, partner with Lord, Bissell & Brook LLP, shared with attendees of the <em>Credit Union Times</em>/EEI BSA conference today.

The Credit Union Regulatory Improvements Act has added seven more co-sponsors in the latter half of this week for a total now of 114 with primary sponsor Paul Kanjorski (D-Pa.).

NCUA has brought its Bank Secrecy Act Examination expectations to the same level as the other banking regulators after once being thought of in catch-up mode one expert told Credit Union Times' BSA conference yesterday.

The Federal Reserve Board has announced that it is seeking nominations to its Consumer Advisory Council and the national credit union trade associations will make their recommendations heard.