Credit unions are not police departments and they have limited resources to enforce the web of money-laundering and Bank Secrecy Act requirements, Faith Lleva Anderson, senior vice president and general counsel for the American Airlines Federal Credit Union told a House subcommittee Wednesday.
"Credit unions are deeply committed to the fight against crime, but it is important to recognize we are not law enforcement agents and we have certain fundamental limitations," Anderson told the House Financial Services Subcommittee.
"While credit unions support laws and regulations that prevent terrorists and criminals from using their institutions to launder money or otherwise engage in illegal activity, the compliance burden of the current regulatory environment often unnecessarily takes away from our ability to serve our members," said Anderson, whose credit union is headquartered in Fort Worth, Texas and an asset size of $6.5 billion.
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