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Michigan Credit Union League

Federal Issues

Below is a list of current federal issues. 

Bank Secrecy Act (BSA) Reforms

H.R. 6068 – The Counter Terrorism and Elicit Finance Act introduced by Representatives Leutkemeyer (R-MO) and Pearce (R-NM) would:

  • Raise the Currency Transaction Report (CTR) to $30,000 (up from the current $10,000) and the Suspicious Activity Report (SAR) threshold to $10,000 (up from the current $5,000);
  • Require a formal review of BSA reporting requirements with an eye toward reducing regulatory burdens and ensure the information collected has a “high degree of usefulness” to law enforcement;
  • Recognize the growing role of artificial intelligence in BSA compliance;
  • Empower the Treasury Department to actively coordinate AML policy and examinations; and
  • Solidify processes regarding Treasury’s Financial Crimes Enforcement Network’s No-Action Letters.

 

Community Reinvestment Act (CRA)

On September 26, 2018 Senator Elizabeth Warren (D-MA) introduced S. 3503 – American Housing and Economic Mobility Act of 2018. The bill would do the following:

  • Aim to reduce the cost of housing by creating incentives for local governments to eliminate unnecessary land-use restrictions;
  • Create two new programs: One meant to offer down payment assistance to those communities often denied mortgages, and another to support those families whose housing wealth was destroyed by the financial crisis;
  • Plan to hold financial institutions accountable for providing access to credit by extending CRA; and
  • Seek to strengthen anti-discrimination laws and improve the housing voucher program.
  • Section 203 of the bill would subject credit unions to the Community Reinvestment Act (CRA). Since the enactment of the CRA, credit unions have been excluded.

 

S. 2155 Regulatory Implementation

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