Washington, D.C. – This evening, FinCEN issued guidance to help financial institutions eliminate fraud through information sharing. BPI issued the following statement:
“FinCEN’s new guidance is a critical step in helping banks to disrupt fraud and scams in real-time. It affirms that financial institutions may share fraud-related information under the USA PATRIOT Act’s section 314(b) safe harbor. We encourage Congress and other agencies to continue efforts to remove legal uncertainty, establish clear safe harbor protection for banks and further ability to protect Americans from this growing threat.”
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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 Contacts
Sam Fabens
Bank Policy Institute
sam.fabens@bpi.com
