FinCEN Director Kenneth Blanco reviewed (i) recent trends in pandemic-related fraudulent activity, (ii) FinCEN's response and (iii) recent rulemakings and alerts aimed at combating cyber threats.
News & Insights
The OCC authorized national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices located in areas affected by severe weather along the U.S. Gulf Coast.
The Federal Financial Institutions Examination Council encouraged financial institutions to ease pressure on borrowers as initial loan accommodations in response to the COVID-19 pandemic near their end.
FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
At a hearing titled "Protecting Homeowners during the Pandemic: Oversight of Mortgage Servicers' Implementation of the CARES Act," the House Financial Services Subcommittee on Oversight and Investigations considered CARES Act mortgage servicer implementation issues and economic inequity.