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NAFCU publishes new resource breaking down key BSA/AML reforms in NDAA
NAFCU is committed to ensuring credit unions have the resources they need to remain informed of the ever-changing legislative and regulatory environment. The association recently released a new resource summarizing the Anti-Money Laundering Act of 2020 and Corporate Transparency Act provisions included in the fiscal year 2021 National Defense Authorization Act.
The final NDAA included several NAFCU-fought wins for credit unions: It didn't include the harmful provision that would have treated banks the same as a military installation's local, not-for-profit credit union when it comes to nominal leases, and did include language to make Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms.
NAFCU's easy to navigate summary document compiles pertinent BSA/AML provisions included in the bill into a chart and provides both a brief analysis of the provisions and information on the agency in charge of implementing the changes.
The association recently released a similar resource summarizing key relief provisions enacted under the Phase 4 coronavirus relief and FY2021 federal government omnibus measure and has updated its chart outlining the expiration dates enacted under the package.
NAFCU's dedicated coronavirus resource page has a number of additional resources, including links to pandemic-related webinars, compliance blog posts, and the latest developments related to NAFCU's 2021 conference lineup.
Subscribe to NAFCU Today to stay informed of the latest updates. Access all NAFCU's advocacy, compliance, and education resources online, anytime.
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