With both chambers of Congress in sessions this week, CUNA is engaged with several hearings and a markup by the House Financial Services Committee.
The House Financial Services Committee will mark up a series of bills starting Wednesday at 2 p.m. (ET). The legislation includes the Corporate Transparency Act of 2019 (H.R. 2513), the Coordinating Oversight, Upgrading and Innovating Technology and Examiner Reform (COUNTER) Act (H.R. 2514).
The COUNTER Act would make several changes to the Bank Secrecy Act (BSA) oversight and compliance regime, including authorizing financial institutions to share BSA data with certain affiliates, and codifying financial regulators’ guidance enabling community financial institutions to share training and technology resources.
H.R. 2513 would require corporations and limited liability corporations (LLCs) to disclose true “beneficial owners” to the Treasury’s Financial Crimes Enforcement Network (FinCEN) at the time the company is formed.
Hearings CUNA is engaged with this week include: