ARLINGTON, Va. — After a bit of catch-up, NCUA is now generally viewed as "on par" with the other banking regulators regarding Bank Secrecy Act examination and credit unions' need to be ready for it, including how to respond if they are hit with a violation.
According to Venable LLP Partner Ralph Sharpe, NCUA was once considered "a little less rigorous" than the other agencies, but is now "on par." "It's clear their examination is at least as rigorous as their others," he told attendees of Credit Union Times' conference Complying with the Bank Secrecy Act/USA PATRIOT Act: Challenges and Best Practices for Credit Unions held June 28-29 in Arlington, Va.
However, NCUA now "leads the pack" in BSA citations, Sharpe said. "There haven't been a lot of public activities but that could certainly change," he said.
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