LAS VEGAS — NCUA's new rule on notifying credit union boards of suspicious activity reports can be handled without compromising confidentiality, according to a Washington attorney specializing in SAR regulations.
Satish M. Kini, a partner in Goodwin Proctor, LLP, said a monthly SARS recap providing numbers of filings, their makeup and comparisons with past months would suffice.
Only in cases where a CU employee is involved would there be the need to disclose to the full board the details of a SAR report, said Kini addressing attendees. The new SAR regulation became effective Nov. 27.
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