NAFCU statement in response to Wall Street Journal article on money service businesses

WASHINGTON, DC (June 3, 2015) — National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to a Wall Street Journal article regarding a confidential report by Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on potential threats.

“Financial services today are filled with complex challenges to which credit unions are not immune, and NAFCU supports sensible regulation and exams that are tailored to actual risks. NCUA, jointly with FinCEN and other financial regulators, has issued clear guidance relative to money service businesses to identify and address potential risks.

“I will note that NAFCU has expressed concern and questions to FinCEN as to circumstances of the release of confidential information – even though, based on the article, it does not appear that any credit union is accused of wrongdoing or an activity that would require regulatory action. NAFCU opposes any regulation that unnecessarily impedes credit union operations.”

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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