BSA Exams Not About To Ease Up, Hyland Says

HONOLULU–Credit unions that have been through the wringer with their examiner when it comes to Bank Secrecy Act compliance should not expect that to change anytime soon. NCUA Board Member Gigi Hyland told federal credit unions during NAFCU’s annual meeting that BSA compliance will remain a focus of examinations, although she said “a move is afoot to make sure the regulations we have in place and are enforcing are aligned with the risk an institution is taking.” Other areas where the agency will be focusing include due-diligence on third party contracts, according to Hyland. “Examiners are focusing here because we’ve seen some instances where credit unions have been caught between a rock and hard place…when something has gone awry,” she said.