CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CUNA Letter to Subcommittee ahead of FinCEN hearing
Press

CUNA Letter to Subcommittee ahead of FinCEN hearing

May 21, 2018

FOR IMMEDIATE RELEASE  

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop 

Washington, DC (May 16, 2018) – Yesterday the Credit Union National Association sent this letter to Chairman Pearce and Ranking Member Perlmutter prior to today's hearing before the Subcommittee on Terrorism and Illicit Finance entitled “Implementation of FinCEN's Customer Due Diligence Rule.” 

“We urge this subcommittee to continue to encourage FinCEN to work with the industry on implementation issues as they arise. While the CDD Rule is already in effect, matters requiring clarification will undoubtedly continue to present themselves,” the letter reads. “In addition, we hope FinCEN continues its practice of providing timely responses to specific inquiries by credit unions and other affected financial institutions.” 

CUNA also noted that, while NCUA is the lead agency that will examine credit unions for compliance with the CDD rule, FinCEN should work closely together with NCUA “as examiners become more comfortable with the specific requirements of the rule.” 

CUNA believes this cooperation will be much more efficient and effective for the credit union system, as well as FinCEN and NCUA.  

###  
   
About CUNA   
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. 

Credit Union Magazine: Summer 2022

Summer 2022

Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
Digital Edition •  Subscribe

Trending

  • CFPB issues advisory opinion on debt collection fees

  • CDFI Fund offering $1.73B to help communities recover from pandemic

  • Comment deadline extension needed for CFPB late fee ANPR

Tweets by CUNA_News

Polls

Do you think credit unions should offer cryptocurrency services?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us