House passes NDAA with language addressing BSA redundancies
The House voted Tuesday evening to pass the conference report of the fiscal year 2021 National Defense Authorization Act (NDAA). The bill will head to the Senate floor for a vote, expected later this week.
The bill eliminates redundancies, unnecessary burdens and creates opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering statutory framework, which CUNA supports. It also includes a study to review the current thresholds for Currency Transaction and Suspicious Activity reporting.
Additionally, the final bill does not contain a provision related to leases on military bases CUNA, Leagues and the Defense Credit Union Council fought to exclude what would have expanded an exemption for certain cost waivers for financial institution branches on military installations.