U.S. Lawmaker, Focusing on Mortgage Crisis, Vows to Continue Push for BSA Reform

By Matt Squire

U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said he will continue to push for easing the burden of Bank Secrecy Act compliance for financial institutions this year as his committee turns its focus toward initiatives to combat the widening U.S. mortgage and credit crisis. "We will continue to work on the Bank Secrecy Act and trying to cut it back," Frank, a Massachusetts Democrat, said Wednesday at the American Bankers Association's Government Relations Summit in Washington, D.C. Frank called the BSA's suspicious activity report filing requirements "counterproductive." Frank has sponsored legislation to reduce the number of...