Last week, the NCUA jointly issued an exemption for the Customer Identification Program requirements, Section 748.2 of the NCUA’s Rules and Regulations, for certain property and casualty finance contracts provided by credit unions to small businesses. Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to file suspicious activity reports as applicable.

The NCUA, along with the other federal banking agencies and FinCEN, determined that the activity does not pose a risk to the U.S. anti-money laundering regime or otherwise pose a safety and soundness threat to the federally insured credit union system.

Review the Exemption Order