CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • 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
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Lower BSA transfer threshold would substantially burden CUs
Policy & Issues

Lower BSA transfer threshold would substantially burden CUs

November 30, 2020
Fed

A proposed reduction in the threshold for Bank Secrecy Act (BSA) regulatory information collection, retention and transmittal requirements for funds transfers would result in substantial burdens and costs for credit unions, CUNA wrote to the Federal Reserve and Financial Crimes Enforcement Network (FinCEN). The two agencies proposed lowering the reporting thresholds for certain transfers and transmittals to $250, well below the current $3,000.

“It is critically important to strike the right balance between the imposition of compliance costs on leanly staffed, community-oriented credit unions and the potential benefits that BSA regulatory requirements may provide to law enforcement,” the letter reads. “In its current form, this proposed rule fails to strike that balance…[b[ecause the proposed rule contemplates a dramatic 91% reduction in the collection, retention and transmission threshold, CUNA believes that it will burden a larger number of credit unions, particularly those serving disadvantaged immigrant communities.”

The proposal states the revisions would impact at least 5,236 credit unions, 4,681 of which are federally regulated small credit unions.

CUNA also stated that the proposal does not adequately consider alternative approaches. 

“CUNA has consistently advocated for minimizing the duplication of various BSA regulations and improving feedback on SARs to ensure they are truly beneficial to law enforcement,” the letter adds.

KEYWORDS BSA
Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • House passes CUNA-backed fair hiring bill

  • House committee to mark up field of membership modernization bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and 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

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us