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NAFCU meets with FINcen to discuss credit unions’ regulatory concerns

NAFCU_logo_editedNational Association of Federal Credit Unions President and CEO Fred Becker recently met with Jennifer Shasky Calvery, the director of Financial Crimes Enforcement Network, to discuss the regulatory burden on credit unions.

Becker voiced concern regarding the impact of the Bank Secrecy Act, which was noted in last year’s NAFCU survey as a key regulatory burden issue for member credit unions. Sixty percent of respondents said the BSA was an issue for examiners.

NAFCU also discussed several rules proposed by FinCEN, including a proposal on customer due diligence.

Also present at the meeting were Dan Berger, NAFCU’s executive vice president of government affairs, Carrie Hunt, NAFCU’s general counsel and vice president of regulatory affairs and Tessema Tefferi, NAFCU’s senior regulatory affairs counsel.

Shasky Calvery replaced James Fries last fall after serving at the Department of Justice for 15 years.

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