Federal Prudential Regulators Ask Financial Institutions to Detect and Report Illicit Activity Related to Illegal Aliens | NCUA

https://ncua.gov/newsroom/press-release/2026/federal-prudential-regulators-ask-financial-institutions-detect-report-illicit-activity-related-illegal-aliens
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2026-06-08 15:16:16 · pdonofrio@vixio.com
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Today the National Credit Union Administration 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.

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TITLE: U.S. Federal Prudential Regulators Issue Advisory on Detecting Illicit Activity Related to Illegal Aliens BODY: On June 5, 2026, the National Credit Union Administration (NCUA) joined the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) in issuing an advisory urging financial institutions to detect and report illicit activity related to the unlawful employment of illegal aliens in the United States. The advisory was developed in coordination with the Internal Revenue Service (IRS). The advisory directs credit unions and banks to identify and report suspicious activities involving the unlawful employment of illegal aliens. According to the regulators, such activities may depress wages, facilitate identity theft, provide employers with unfair competitive advantages over legitimate U.S. businesses, and cause broader harm to the financial system. Financial institutions are advised to employ enhanced due diligence procedures and report suspicious activity through established channels. The advisory supports Executive Order 14406, Restoring Integrity to America's Financial System. Credit unions and banks should review the full advisory to understand their obligations and implement appropriate detection and reporting mechanisms. The NCUA is the federal agency created by U.S. Congress to regulate, charter, and supervise federal credit unions and operates the National Credit Union Share Insurance Fund. The full advisory is available at https://www.fincen.gov/system/files/2026-06/FinCEN-Advisory-Non-Work-Authorized-Populations.pdf
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  • ✓ By:pdonofrio@vixio.com (38)