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Do credit unions with reduced staff have to meet the timeframes for processing reports related to Bank Secrecy Act (BSA)?
On March 16, 2020, FinCEN issued a press release encouraging financial institutions affected by COVID-19 to contact FinCEN and their functional regulators as soon as practicable if there were concerns about any potential delays in their ability to file required BSA reports. FinCEN’s Regulatory Support Section will continue to be available to support financial institutions for the duration of the COVID-19 pandemic. Financial institutions supervised by OCU and NCUA should contact their Regional Office to discuss any concerns with filing BSA reports.