Tuesday, March 24, 2020

GOP Lawmakers Ask FinCEN for Extension in Filing CTRs

A group of House Republican lawmakers on March 23 asked Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco for an extension for institutions filing currency transaction reports (CTRs) until at least after the coronavirus national emergency has concluded.‌

The lawmakers wrote that the regulatory compliance teams at small to mid-size institutions "are stretched thin with trying to stay on top of all of the demands associated with the pandemic."

The lawmakers noted that CTRs represent a major regulatory compliance burden for small community banks and credit unions and that such an extension “would help banks and credit unions focus on their most urgent and important priorities during this public health emergency, which are serving consumers and keeping credit flowing to the economy.”
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