The NAFCU Journal July - August 2017 - 28

NAFCU's Prescription

Compliance with BSA is a continuing
pain point for many credit unions, says
Brandy Bruyere, NAFCU's vice president
of regulatory compliance. She adds that
"credit unions want to be helpful -
they share the goals behind BSA - but
they also have found compliance to be
time-consuming and expensive."

NAFCU members can subscribe to the
association's quarterly BSA Blast e-newsletter for the latest BSA and OFAC developments; go to www.nafcu.org/bsablast.

In that regard, says Bruyere, NAFCU
has sought to communicate to FinCEN
and the NCUA the frustrations of many
members and also their hopes to find
ways to lower their BSA expenses. She
also says NAFCU has suggested to
FinCEN that it explore ways to help
ease the financial burden, especially on
smaller credit unions, perhaps through
financial grants. FinCEN so far has not
agreed, but the idea is in front of them.
Bruyere adds that NAFCU also has
suggested raising the trigger amount for
a SAR - presently $5,000 - because
that number was agreed to a generation
ago. If it were inflation-adjusted, says
Bruyere, it would be nearer $8,000. She
says raising it to that amount would
reduce many pains felt by credit unions.
Bruyere - who will discuss BSA at
greater length during NAFCU's BSA
Seminar in late July (see www.nafcu.
org/bsa) - says NAFCU believes there
are ways to embrace BSA's goals while
reducing the expense and time required
of credit unions, and the association
intends to be persistent in presenting
these ideas.

Understanding the 'why'

Stay focused, listen to the examiners,
and remember the "why" of these efforts
- those are the to-do's for credit unions
wrestling with BSA. "Who wants terrorists and criminals to be able to wash
their money through our system?" says
Heinzman. "It makes it easier to accept
the inconveniences when you understand the why."
Robert McGarvey is a journalist and blogger in Phoenix who has written frequently
on credit union topics.
28

THE NAFCU JOURNAL JULY-AUGUST 2017


http://www.nafcu.org/bsa http://www.nafcu.org/bsa

Table of Contents for the Digital Edition of The NAFCU Journal July - August 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
How Secure Is Your Credit Union?
The Bank Secrecy Act
2017 Annual NAFCU Award Winners
2016 NAFCU Annual Report
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal July - August 2017 - Cover1
The NAFCU Journal July - August 2017 - Cover2
The NAFCU Journal July - August 2017 - 1
The NAFCU Journal July - August 2017 - Our First 50 Years
The NAFCU Journal July - August 2017 - Events Calendar
The NAFCU Journal July - August 2017 - From the Chair
The NAFCU Journal July - August 2017 - 5
The NAFCU Journal July - August 2017 - Inside NAFCU
The NAFCU Journal July - August 2017 - 7
The NAFCU Journal July - August 2017 - 8
The NAFCU Journal July - August 2017 - 9
The NAFCU Journal July - August 2017 - 10
The NAFCU Journal July - August 2017 - 11
The NAFCU Journal July - August 2017 - 12
The NAFCU Journal July - August 2017 - 13
The NAFCU Journal July - August 2017 - The Digital Download
The NAFCU Journal July - August 2017 - 15
The NAFCU Journal July - August 2017 - How Secure Is Your Credit Union?
The NAFCU Journal July - August 2017 - 17
The NAFCU Journal July - August 2017 - 18
The NAFCU Journal July - August 2017 - 19
The NAFCU Journal July - August 2017 - 20
The NAFCU Journal July - August 2017 - 21
The NAFCU Journal July - August 2017 - The Bank Secrecy Act
The NAFCU Journal July - August 2017 - 23
The NAFCU Journal July - August 2017 - 24
The NAFCU Journal July - August 2017 - 25
The NAFCU Journal July - August 2017 - 26
The NAFCU Journal July - August 2017 - 27
The NAFCU Journal July - August 2017 - 28
The NAFCU Journal July - August 2017 - 29
The NAFCU Journal July - August 2017 - 2017 Annual NAFCU Award Winners
The NAFCU Journal July - August 2017 - 31
The NAFCU Journal July - August 2017 - 32
The NAFCU Journal July - August 2017 - 33
The NAFCU Journal July - August 2017 - 34
The NAFCU Journal July - August 2017 - 35
The NAFCU Journal July - August 2017 - 36
The NAFCU Journal July - August 2017 - 2016 NAFCU Annual Report
The NAFCU Journal July - August 2017 - 38
The NAFCU Journal July - August 2017 - 39
The NAFCU Journal July - August 2017 - 40
The NAFCU Journal July - August 2017 - 41
The NAFCU Journal July - August 2017 - 42
The NAFCU Journal July - August 2017 - 43
The NAFCU Journal July - August 2017 - 44
The NAFCU Journal July - August 2017 - 45
The NAFCU Journal July - August 2017 - 46
The NAFCU Journal July - August 2017 - 47
The NAFCU Journal July - August 2017 - Getting to Know …
The NAFCU Journal July - August 2017 - 49
The NAFCU Journal July - August 2017 - Management Insight
The NAFCU Journal July - August 2017 - 51
The NAFCU Journal July - August 2017 - Compliance Central
The NAFCU Journal July - August 2017 - 53
The NAFCU Journal July - August 2017 - Inside NAFCU Services
The NAFCU Journal July - August 2017 - 55
The NAFCU Journal July - August 2017 - From the President’s Desk
The NAFCU Journal July - August 2017 - Cover3
The NAFCU Journal July - August 2017 - Cover4
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