news.cuna.org/articles/113401-cuna-highlights-bsa-relief-return-to-13-nol-to-ncua

CUNA highlights BSA relief, return to 1.3% NOL to NCUA

December 5, 2017

CUNA stressed the need for Bank Secrecy Act (BSA) compliance reporting relief and a return to the 1.3% net operating level in its comments on NCUA’s strategic plan for 2018-2022.

The plan outlines the agency’s goals for the next five years, and outlines its plans for success in oversight while balancing safety and soundness.

In the letter, CUNA:

  • Appreciates and supports NCUA’s ongoing implementation of a more flexible examination schedule, including an extended cycle and virtual examinations with remote monitoring;
  • Believes NCUA should revert to the normal operating level of 1.3% as soon as possible;
  • Believes BSA reporting requirements should be increased to reflect economic realities since the 1970s, when initial thresholds for currency transaction reports and suspicious activity reports were determined. CUNA recommends the thresholds be increased to at least $20,000;
  • Maintains interest in NCUA funding an independent third-party review of field examiners; and
  • Urges NCUA to exert its statutory authority as the functional regulator for credit unions in wake of overreach by the Consumer Financial Protection Bureau.

Additional details, including a link to the letter, can be found on CUNA’s Removing Barriers Blog.