Additional efforts could help FinCEN collect most accurate cost estimates

Additional efforts could help FinCEN collect most accurate cost estimates

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr This post is currently collecting data… This is placeholder text continue reading »center_img CUNA submitted comments Tuesday on the Financial Crimes Enforcement Network’s (FinCEN) continued efforts to update burden estimates for Bank Secrecy Act regulations. The Paperwork Reduction Act (PRA) requires agencies to estimate the burdens their regulations impose on regulated industries.“CUNA supports FinCEN’s efforts to update these PRA burden estimates in order to more accurately understand the regulatory compliance costs to financial institutions,” the letter reads. “We also agree that the identify verification, list consultation and recordkeeping burdens are relevant for accurately calculating the true costs of complying with the Customer Identification Program (CIP) regulations.”The letter also notes that CUNA believes this PRA update can help FinCEN strike the right balance between the costs imposed on leanly staffed and primarily locally oriented credit unions and the benefits that the federal government and law enforcement gain from the regulation’s requirement.last_img

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