CUNA wrote in support of a bill it called a “long overdue” modernization of the Bank Secrecy Act (BSA) Wednesday. The Counter Terrorism and Illicit Finance Act (H.R. 6068) was introduced by Reps. Steven Pearce (R-N.M.) and Blaine Lutekemeyer (R-Mo.) and is expected to be marked up by the House Financial Services Committee Thursday.
“While CUNA supports the objectives of laws and regulations to combat illicit financing, the current regime negatively impedes the ability of credit unions to engage in ordinary lending and consumer finance, while also serving to inundate law enforcement with informational paperwork on transactions that credit union employees know to be legitimate, but for the legal requirement to file reports,” wrote CUNA President/CEO Jim Nussle. “This is burdensome and unwieldy and dilutes the intent of the Bank Secrecy Act.”
H.R. 6068 would: