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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.

Compliance with Section 314(a) of the USA PATRIOT Act of 2001

2011-04 / November 2011

Compliance with Section 314(a) of the USA PATRIOT Act of 2001

Subject

BSA/AML

Status

Inactive

To

The Corporate Credit Union Addressed

This letter provides guidance to corporate credit unions regarding responsibilities for complying with Section 314(a) of the USA PATRIOT Act of 2001 (P.L. 107-56), related to information requests from FinCEN.

FinCEN established the 314(a) program through the issuance of a rule finalized September 26, 2002 (67 Fed. Reg.60, 579). As amended, its requirements are now published in 31 CFR Part 1010.520. The 314(a) program requires certain financial institutions, upon receiving an information request from FinCEN, to search their records and identify if they have responsive information with respect to the particular investigative subject.

After consultation with FinCEN, NCUA has concluded that corporate credit unions will no longer be required to conduct 314(a) searches. This determination has been made due to the fact corporate credit unions do not service accounts for natural person members and only provide services to member credit unions and other such entities. By the end of 2011 FinCEN will no longer distribute 314(a) email notifications to corporate credit unions.

If you have any questions, please contact this office or your corporate examiner.

Signature

Sincerely,
/S/
Scott A. Hunt
Director
Office of Corporate Credit Unions

cc: All State Supervisors
NCUA Office of Examination and Insurance
NCUA Office of General Counsel

Last modified on

11/14/24