Washington, D.C. – Today, the FDIC and OCC issued guidance encouraging financial institutions to share fraud-related information under the USA PATRIOT Act’s section 314(b) safe harbor. BPI issued the following statement:
“FinCEN’s recent guidance on the 314(b) program was a critical step in helping banks to disrupt fraud and scams in real-time. Today’s FDIC and OCC guidance encouraging participation in the program will strengthen financial institutions’ ability to identify criminal activity and protect consumers. We encourage the other financial regulators to follow suit. We also call on Congress to further expand safe harbors for fraud information sharing between banks and to establish safe harbors for information sharing across sectors.”
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About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud and other information security issues.
Media Contact
Sam Fabens
Bank Policy Institute
sam.fabens@bpi.com
