FOR IMMEDIATE RELEASE
May 9, 2019
The House Financial Services Committee (HFSC) today approved H.R. 2514, the “Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform (COUNTER) Act of 2019,” which includes Bank Secrecy Act/Anti-Money Laundering (BSA/AML) relief for credit unions.
Representative Cleaver (D-MO) and Committee Chair Rep. Maxine Waters (D-Calif.) worked with Rep. Barry Loudermilk (R-Ga.) to add an amendment to H.R. 2514 to index the Currency Transaction Report thresholds for inflation and further study the impact of Suspicious Activity Reports (SARs).
“Credit unions support efforts to track money laundering and terrorist financing, but also believe it is important to strike the right balance between the compliance costs to financial institutions, like credit unions, and the benefits to the federal government,” said CUNA President/CEO Jim Nussle in a letter of support sent to Waters and Committee Ranking Member Rep. Patrick McHenry (R-N.C.).
CUNA has advocated on behalf of credit unions who face compliance burdens for some of the BSA/AML requirements which appear to outweigh the value of the information reported. In a letter sent to the House Financial Services subcommittee on national security, international development and monetary policy, CUNA cites an example of the compliance burden by highlighting the $10,000 CTR threshold.
“Today’s vote was an important first step, and we thank Representatives Cleaver and Loudermilk for working with Chairwoman Waters to advance this legislation,” CUNA Chief Advocacy Officer Ryan Donovan added. “The dollar amount thresholds included in the BSA/AML for currency transaction reports and suspicious activity reports have not been updated since the law was originally enacted in 1970, and we look forward to working with House and Senate leaders on both sides of the aisle to pass legislation that reduces credit unions’ burden, improving the services they provide to members across the country.”
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 115 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. To find your nearest credit union, visit YourMoneyFurther.com.