America's Credit Unions Urges FinCEN Overhaul Ahead Of House Oversight Hearing
By CU Today Staff —
WASHINGTON--A House Financial Services subcommittee conducted an oversight of the Financial Crimes Enforcement Network (FinCEN) Tuesday. Detailing numerous changes that would support credit unions’ efforts to aid law enforcement, America’s Credit Unions shared the impact of rising compliance costs in comments sent to the subcommittee prior to the meeting.
“While largest banks are better positioned to absorb these costs, the anti-money laundering/countering the financing of terrorism (AML/CFT) framework has made it significantly more difficult for credit unions to provide affordable financial services to their members,” the letter reads. “This burden is especially challenging for smaller credit unions, which must devote a greater share of their resources to increasingly complex compliance requirements while continuing to serve their members."
Changes that would reduce burdens while assisting law enforcement include:
Originally reported by CU Today.