The National Credit Union Administration (NCUA) has joined the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of Currency in issuing an advisory urging financial institutions to be vigilant against risks presented by the unlawful employment of illegal aliens in the United States.
California’s Credit Unions and Nevada’s Credit Unions are currently reviewing the advisory and will follow up with additional insights.
The advisory, developed in coordination with the Internal Revenue Service, advises credit unions and banks to detect and report criminal activities involving the unlawful employment of illegal aliens. Such activities may depress wages, facilitate identity theft, give employers unfair advantages over legitimate U.S. businesses, and cause other harm to the financial system.
Credit unions and banks are advised to report suspicious activity and use enhanced due diligence. To learn more, please click here.
This advisory supports Executive Order 14406, Restoring Integrity to America’s Financial System.
For more information, email Lisa Quaranta.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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