Senate passes NDAA w/ CUNA-backed BSA/AML language
The Senate passed the fiscal year 2021 National Defense Authorization Act (NDAA) Friday, following House passage of the bill earlier this week. The bill passed by a 84-13 margin, which is enough to override a threatened veto from President Donald Trump, as the House also passed by more than a two-thirds majority.
The bill contains CUNA-supported language to eliminate redundancies, unnecessary burdens and create opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering statutory framework. It also includes a study to review the current thresholds for Currency Transaction and Suspicious Activity reporting.
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.