FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
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.
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.