CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • 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
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Add’l efforts could help FinCEN collect most accurate cost estimates
Policy & Issues

Add’l efforts could help FinCEN collect most accurate cost estimates

October 14, 2020
Treasury

CUNA submitted comments Tuesday on the Financial Crimes Enforcement Network’s (FinCEN) continued efforts to update burden estimates for Bank Secrecy Act regulations. The Paperwork Reduction Act (PRA) requires agencies to estimate the burdens their regulations impose on regulated industries.

“CUNA supports FinCEN’s efforts to update these PRA burden estimates in order to more accurately understand the regulatory compliance costs to financial institutions,” the letter reads. “We also agree that the identify verification, list consultation and recordkeeping burdens are relevant for accurately calculating the true costs of complying with the Customer Identification Program (CIP) regulations.”

The letter also notes that CUNA believes this PRA update can help FinCEN strike the right balance between the costs imposed on leanly staffed and primarily locally oriented credit unions and the benefits that the federal government and law enforcement gain from the regulation’s requirement.

“Prior to adopting final estimates, FinCEN would benefit from asking financial institutions to complete a voluntary survey measuring the hourly and monetary costs of compliance with the CIP rule, and can engage with industry groups like CUNA to assist by encouraging member participation,” the letter reads. “These efforts, beyond this PRA notice, would help FinCEN collect the broadest and most accurate cost estimate possible.”

KEYWORDS FinCEN
Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • 5 fraud predictions for 2021

  • CUNA sends recommendations to incoming Biden administration

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is 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

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors