REQUIRED INFORMATION FOR CREDIT UNION BOARD CHAIRMEN AND MANAGEMENT
Board Approves Proposed Rule to Allow Exemptions from SAR Requirements
ALEXANDRIA, Va. (Dec. 23, 2020) – The National Credit Union Administration Board unanimously approved, by notation vote, a notice of proposed rulemaking (opens new window) that would amend the agency’s Suspicious Activity Report (SAR) regulation.
The proposed regulation would permit the NCUA to issue, on a case-by-case basis, exemptions from SAR filing requirements to federally insured credit unions, when the exemption is consistent with safe and sound practices and can improve the effectiveness and efficiency of Bank Secrecy Act reporting. The proposed rule would also make it possible for the NCUA to grant exemptions, in conjunction with the Financial Crimes Enforcement Network, to federally insured credit unions that develop innovative solutions to meet Bank Secrecy Act requirements.
The NCUA expects these amendments will reduce regulatory burdens on federally insured credit unions and encourage technological innovation within the credit union system.
These proposed changes are part of a coordinated effort between the NCUA, FinCEN, and the federal banking agencies to improve the efficiency and effectiveness of Bank Secrecy Act compliance programs and facilitate greater innovation within the banking sector.
Comments on the proposed rule (opens new window) will be accepted for 30 days after publication in the Federal Register.
When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...
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