CUNA to Congress: Modernize Bank Secrecy Act Reporting

Complying with the Bank Secrecy Act (BSA) places unnecessary regulatory burdens on credit unions. Nearly half of all credit unions have fewer than five full-time employees, with at least two employees devoted to compliance functions, specifically as it relates to BSA compliance. Today, Credit Union National Association (CUNA) wrote to Representative Barry Loudermilk in support of the Financial Reporting Threshold Modernization Act. “This bill would […]

Complying with the Bank Secrecy Act (BSA) places unnecessary regulatory burdens on credit unions. Nearly half of all credit unions have fewer than five full-time employees, with at least two employees devoted to compliance functions, specifically as it relates to BSA compliance.

Today, Credit Union National Association (CUNA) wrote to Representative Barry Loudermilk in support of the Financial Reporting Threshold Modernization Act.

“This bill would provide much-needed and long-overdue relief for financial institutions by increasing the 1970-set threshold of $10,000 to $30,000 (significantly less than the near $70,000 the threshold would be if adjusted for real inflation.),” the letter reads. “Additionally, the legislation would increase the dollar amount thresholds for filing Suspicious Activity Reports (SARs) from $5,000 to $10,000 and $2,000 to $3,000, respectively.”

The goal of this legislation is to narrowly tailor when and how reports of suspicious financial activity are triggered to reduce low-value reporting while maintaining financial inclusion. CUNA believes the bill will provide long-overdue modernization of BSA, which negatively impedes credit unions ability to engage in lending and consumer finance.

Read the full letter here.   

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.