COMMENT CALL: FinCEN’s Notice of Proposed Rulemaking – Clarifications to Foreign Bank Accounts Report (FBAR)

CUNA
April 18, 2010 | COMMENTS

The Financial Crimes Enforcement Network (FinCEN) is revising the Bank Secrecy Act (BSA) regulations regarding reports of foreign financial accounts.

The proposed rule would clarify which persons will be required to file reports of foreign financial accounts, which accounts will be reportable and includes provisions intended to prevent United States persons from attempting to avoid this reporting requirement.

The proposal provides an exemption for certain persons with signature authority over foreign financial accounts from filing reports. Specifically, officers and/or employees employed by financial institutions that have a federal regulator are exempted from Foreign Bank Account Report (FBAR) filing requirements for foreign financial accounts where they have signature or other authority but no financial interest in the account.

CUNA believes that the majority of federal credit unions impacted by this proposal would fall within the exemption. However, there may be some state-charted credit unions impacted by the proposal.

Please submit your comments on this proposed rulemaking to CUNA by April 22, 2010. Comments directed to FinCEN must be received no later than April 27, 2010.

Please feel free to fax your response to CUNA at 202-638-7052; email to Federal Compliance Counsel Nichole Seabron at nseabron@cuna.com; or mail them to Nichole in c/o CUNA's Regulatory Affairs Department, 601 Pennsylvania Ave, NW, South Building, 6th floor, Washington DC 20004. You may also contact us for a copy of the regulation or access it here.

> View the full comment call at cuna.org