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ICBA Applauds Effort to Update BSA Exam Procedures

Washington, D.C. (June 30, 2005) - The Independent Community Bankers of America (ICBA) applauds the joint efforts by the Financial Crimes Enforcement Network (FinCEN) and the bank regulatory agencies to update the existing Bank Secrecy Act exam procedures.

"ICBA is pleased that the regulators recognized the many concerns raised by community bankers about the increasing burdens of BSA compliance," said Karen Thomas, ICBA executive vice president of government relations. "The updated exam procedures are a good first step toward addressing these concerns and ensuring that BSA compliance truly achieves its important goals without imposing an unreasonable and unproductive burden on the economy."

"The revised procedures, combined with upcoming interagency outreach meetings for bankers and examiners, should lead to increased coordination and cooperation between bankers and regulators." Thomas added. "ICBA looks forward to working with FinCEN and the banking regulators on the outreach efforts to community banks."