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Comments Due April 4 on Proposed Revisions to CTR Form
Friday, April 1, 2016 6:40 AM

On April 1st, Cornerstone filed a comment letter generally supporting proposed revisions to the currency transaction report [CTR] required under the Bank Secrecy Act.  A copy of the letter can be found here

In the letter, we include additional requests to FinCEN on suggested legislative and regulatory changes that would ease burdens for credit unions.

We encourage credit unions to comment to FinCEN to support the proposal which will generally make the CTR form a little more clear for filers.  Credit unions are encouraged to include suggestions to further reduce regulatory burdens.  Comments are due Monday 4/4/16.  Credit unions are encouraged to submit letters through www.powercomment.org or direct email to FINCen at regcomments@fincen.gov with caption “Attention: BCTR Revision” in the body of the email.  The text of the proposal can be found here.

Questions?  Contact Suzanne Yashewski, SVP Regulatory Compliance Counsel, Cornerstone Credit Union League at syashewski@cornerstoneleague.coop