ABA Banking Journal Enforcement

Second Circuit confirms recklessness satisfies willfulness standard for FBAR penalties

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Operational Brief

• The Second Circuit confirmed that a willful failure to file FBARs can be based on recklessness. • This decision enforces civil penalties against Juan and Catherine Reyes for not filing required reports.

Why It Matters for Texas Credit Unions

The article does not explicitly mention Texas, TCUD, or any Texas-specific entities. The ruling is applicable to all credit unions but does not have a direct impact on Texas-based institutions.

Who this most likely affects

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The item has some Texas or operational relevance signals, but the site does not yet have enough support to narrow it to one institution profile with confidence.

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Original Source Material

In a unanimous decision, a Second Circuit panel affirmed a New York federal court’s ruling that enforced civil penalties against Juan and Catherine Reyes for willfully failing to file Reports of Foreign Bank and Financial Accounts. The post Second Circuit confirms recklessness satisfies willfulness standard for FBAR penalties appeared first on ABA Banking Journal .