Comptroller Gould Announces New Efforts to Combat Financial Fraud in Minnesota

Comptroller of the Currency Jonathan V. Gould convened a panel of community bankers in Minneapolis, Minnesota, on October 6 to discuss ongoing efforts to combat financial fraud. The visit supports the Trump Administration's priority to eliminate fraud and protect Americans from illicit activity. During the discussion, Gould addressed recent financial fraud in Minnesota, the role of banks in identifying and combating fraud, and the Office of the Comptroller of the Currency's commitment to support banks in their efforts.

Gould cited sharp increases in fraud indicators in Minnesota, saying non-mortgage fraud reports more than doubled between 2020 and 2024, while filings of suspicious activity reports related to check fraud increased nearly 300% during the same period. He announced a new tool for community bankers to directly report suspected payments fraud involving OCC-regulated institutions to an OCC fraud taskforce. He also reminded banks of the OCC's bulletin on the U.S. Department of the Treasury's Financial Crimes Enforcement Network 314(b) guidance, which enhances information sharing across institutions to help detect and thwart fraud more effectively.

The announcement points to a more coordinated federal response to payments fraud. Gould highlighted the Treasury's Do Not Pay program, which in the last fiscal year screened more than 1.1 billion federal payments totaling approximately $3.7 trillion. Through those screenings, Treasury identified and returned approximately 13,500 payments totaling $175 million that would have gone to deceased individuals. The new reporting tool and emphasis on 314(b) information sharing suggest the OCC is trying to move community banks from passive reporting toward faster, more direct escalation of suspected fraud involving OCC-regulated institutions.

The OCC release does not specify how many banks will use the new reporting tool, what response times the fraud taskforce will target, or how the tool will interact with existing suspicious activity report requirements. It also does not provide Minnesota-specific dollar losses or identify the entities responsible for the fraud Gould described. The OCC said it remains committed to addressing fraudulent activities that can harm banks and consumers, but further details on implementation and enforcement were not included in the announcement.