Rep. Pittenger Raps FinCEN for Short Comment Period

Rep. Robert Pittenger (R-N.C.), the vice chairman of the House Financial Services Committee’s Task Force to Investigate Terrorism Financing, today took the Financial Crimes Enforcement Network to task over a too-short comment period on regulatory analyses for its customer due diligence rulemaking.

On Christmas Eve, FinCEN issued two regulatory analyses of the complex rule and provided only 30 days for stakeholders to comment. Pittenger noted that “the release of these assessments during the holiday time period reduces the time available for industry stakeholders to adequately respond to these publications.” He urged FinCEN to extend the comment period — which expires on Monday — by 15 to 30 days.

ABA has previously urged FinCEN to extend the comment period so that the industry can more fully evaluate the regulatory impact of the customer due diligence proposed rule.