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About
About
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
Analysis
Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
Support Services
Support Services
The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
News
News
Stay up to date on the NCUA's activities by subscribing to the NCUA's Express messages. Read press releases, speeches, testimony, and Annual Reports. Register for upcoming conferences and events.
Cybersecurity Resources
Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Bank Secrecy Act Compliance

05-CU-09 / June 2005

Bank Secrecy Act Compliance

To

Federally Insured Credit Unions

Subject

BSA/AML

Status

Active

To

Federally Insured Credit Unions

Subj

Bank Secrecy Act Compliance

Encl

Frequently Asked Questions and Answers

Dear Board of Directors:

Compliance with the Bank Secrecy Act (BSA) is a key component in the detection and prevention of money laundering and terrorist financing. All financial institutions in the United States of America must comply with BSA.

NCUA recognizes credit union staff and officials have questions about how to comply with the BSA. To establish consistent understanding, NCUA has created the enclosed guidance, Frequently Asked Questions and Answers (FAQs) on BSA. This guidance does not supersede or replace the requirements established in Part 748 of the NCUA Rules and Regulations and Title 31 of the Code of Federal Regulations.

Credit unions are encouraged to carefully review their practices for compliance with BSA. If improvements are necessary, please make them a priority. Review of compliance with BSA is required during NCUA’s risk-focused examination program, and examiners will inquire about BSA practices at your credit union.

Should you have questions, please contact your district examiner, regional office, or state supervisory authority.

Sincerely,

/s/

JoAnn Johnson

Chairman

Enclosures

Frequently Asked Questions and Answers

Last modified on

11/14/24