A 90-day extension for all Bank Secrecy Act (BSA) reporting requirements is necessary for credit unions and other financial institutions to follow coronavirus disease (COVID-19) health guidelines, CUNA and other financial trade organizations wrote Monday to the Treasury’s Financial Crimes Enforcement Network (FinCEN).
“While we understand that BSA data is an important tool for our national security apparatus and how we protect the people of our nation from criminals, terrorists, and other bad actors we remain concerned that our institutions’ ability to timely file BSA reports is going to be significantly impacted as the crisis persists,” the letter reads. “Many bank and credit union compliance officials are following public health guidelines by working from home and do not have access to the FinCEN reporting portal. For this reason, we respectfully request a 90-day extension on the filing of all BSA reporting requirements, especially CTR reporting requirements.
“Extending the filing deadlines is necessary for banks and credit unions to follow health guidelines while still meeting their reporting obligation,” it adds.
CUNA remains committed to partnering with FinCEN and other law enforcement agencies during this national emergency and told FinCEN that credit unions and other financial institutions have implemented policies to allow compliance with both Centers for Disease Control and Prevention guidelines and maintaining their role in the financial services system.
“As this virus spreads, banks and credit unions will continue to get a better sense of the needs of their customers, employees, and the communities they serve. While some states have been impacted more than others by this virus, this is a situation that is quickly evolving,” the letter reads. “It is important that regulatory agencies continue to work closely with banks and credit unions to assist borrowers.”