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Thank You!
We'd like to send two very large "Thank You" messages to two very different groups of people.
One is the Treasury Department's Financial Crimes Enforcement Network (FinCEN) office in Washington.
The Director of FinCEN, Stan Morris, wanted to set up meetings between people from his office and bankers to get the bankers' views and input on the new currency transaction form, on future reporting requirements, on the "Know Your Customer" rules, and other issues that are to be addressed in the coming months by his office.
We received a call from FinCEN, asking if there was any way we could help promote that meeting between their representatives and bankers in five different cities. The meetings were to start the following week. George and I went through our subscriber lists, and within a day we had letters in the mail to each BANKERS' HOTLINE subscriber in and around New Orleans, Portland (Maine), Phoenix, Atlanta, and Charlotte.
After the meetings we heard back from FinCEN-that the meetings were very well attended, and that the bankers were not at all bashful!
Second "Thanks!"
The second big "Thank You" goes to those bankers who attended-especially our subscribers!
It isn't often that a government agency will bother to listen to the bankers' gripes, ideas, suggestions, complaints, etc. We so often feel like our voices fall on deaf ears. Having a forum such as this was like a breath of fresh air!
HOTLINE subscribers were well represented at the meetings. And we've been hearing back from some of them. Reactions varied as to the outcome. Most felt the exchange did some good. They felt there was now a better understanding of what FinCEN was trying to accomplish. Others, however, mentioned they felt that law enforcement and the check cashers, et al, dominated one of the meetings with their complaints and objections.
Government regulations, even those from Treasury, are not perfect. But it's interesting to see that some of our frustrations are shared by those responsible for carrying out the directives given by Congress. Certainly meetings like these are a step in the right direction.
Now if we could only get the examiners to hold the same kind of meetings, we'd have something really good going!
Copyright © 1995 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 8, 5/95
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