WASHINGTON—While Congress remains at home for its August recess, NAFCU said its advocacy team will be active on a number of issues in Washington.
On Wednesday, NAFCU Director of Regulatory Affairs Ann Kossachev and Regulatory Affairs Counsel Kaley Schafer will meet with FinCEN's Office of Regulatory Policy on Bank Secrecy Act (BSA)/anti-money laundering reform and other issues facing credit unions.
FinCEN last week issued an alert to financial institutions on drug trafficking schemes, and it is also working to combat business email compromise (BEC) scams, which have significantly increased in recent years. NAFCU said it recently shared with FinCEN ways to improve information sharing between government agencies, law enforcement and financial institutions to better combat BSA-related issues.
On Thursday, NAFCU Chief Economist and Vice President of Research Curt Long, Senior Counsel for Policy and Research Andrew Morris and several member credit unions will continue a series of Federal Reserve bank meetings with Chicago Fed President Charles Evans.
The discussion will focus on the economic outlook, interest rates, lending landscape and faster payments, NAFCU said.