NAFCU supports bill reforming Bank Secrecy Act
WASHINGTON, DC (September 27, 2018) — The National Association of Federally-Insured Credit Unions (NAFCU) NAFCU’s Vice President of Legislative Affairs Brad Thaler issued the following statement after Rep. Barry Loudermilk introduced the Financial Reporting Threshold Modernization Act (H.R. 6850), which would reform the Bank Secrecy Act (BSA):
“Credit unions are committed to combating criminal activity throughout our financial system,” said Brad Thaler, NAFCU’s Vice President of Legislative Affairs. “Representative Loudermilk’s bill will help ensure credit unions are able to focus more closely on catching illegal activity rather than being bogged down by stacks of paperwork and compliance exams. We thank Representative Loudermilk for his efforts to modernize the current BSA/AML regime.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.