FinCEN comments due Jan. 25

The deadline to offer comments to the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury for two proposed rules is coming up Jan. 25. The proposed rules are regarding a Regulatory Impact Assessment (RIA) and an Initial Regulatory Flexibility Analysis (IRFA). PowerComment makes it easy to view the rules and then send […]

The deadline to offer comments to the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury for two proposed rules is coming up Jan. 25. The proposed rules are regarding a Regulatory Impact Assessment (RIA) and an Initial Regulatory Flexibility Analysis (IRFA). PowerComment makes it easy to view the rules and then send a comment.

FinCEN issued a proposed rule to amend existing Bank Secrecy Act (BSA) regulations regarding customer due diligence (CDD) requirements for credit unions, banks, and other related entities 18 months ago. The CDD proposal would also impose a new requirement under the BSA to identify the beneficial owners of legal entity customers, subject to certain exemptions.

In December 2015, FinCEN made available the following documents related to the CDD proposal: a Regulatory Impact Assessment (RIA) and an Initial Regulatory Flexibility Analysis (IRFA). The primary purpose of the CDD proposal is to impose requirements intended to assist financial investigations by law enforcement to impair criminals’ ability to exploit the anonymity provided by the of use legal entities to engage in financial crimes.

FinCEN determined that the implementation and compliance-related costs of the CDD proposal may exceed $100 million annually, making this rulemaking an “economically significant regulatory action,” which requires agencies to conduct an RIA. CUNA is asking credit unions to let them let them know on the accuracy of FinCEN’s estimates and the need for the requirements included in the CDD proposal.

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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.

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