ALEXANDRIA, Va. — Every year, NCUA publishes a list of one-third of its regulations to be reviewed as part of an annual effort toward regulatory relief.
CUNA's letter started out with an issue not officially on the table but a biggie: Bank Secrecy Act examination concerns. CUNA Senior Vice President and Deputy General Counsel Mary Dunn outlined its BSA Task Force and promised to share the results once their research is completed.
While recognizing the need for statutory change, CUNA also advocated for the elimination of the 1% cap on federal credit union investments to CUSOs as well as the 1% cap on loans to CUSOs. Also regarding CUSOs, CUNA recommended permitting consolidated financial audits for majority-owned CUSOs.
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