WASHINGTON—In response to FinCEN’s request for comment on collection of beneficial ownership (BOI) access information—which outlines the method by which financial institutions provide certification to FinCEN when requesting access to the database--America’s Credit Unions is urging credit unions to “help shape the discussion.”
FinCEN is seeking feedback on the burden estimate associated with a component of the BOI Access Rule finalized in December, and the request includes the method by which financial institutions must provide certification when requesting access to the BOI database.
Credit unions that choose to access the BOI database for due diligence purposes will need to comply with the certification process outlined in the request for comment, ACU noted.
The Deadlines
The trade group said it is accepting comment through March 25, while comments are due to FinCEn by April 1. ACU further noted the Regulatory Comment contains questions and a link to submit feedback to America’s Credit Unions and FinCEN and is available to legacy NAFCU members here and legacy CUNA members here.
The Best Daily News Email in Credit Unions Remains Free! Don’t Miss Out
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?