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| Information Sharing Guidance includes Credit Union Recommendations |
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Updated guidance from Treasury’s Financial Crimes Enforcement Network (FinCEN) clarifies how financial institutions can share information with each other about suspected fraud under section 314(b) of the USA PATRIOT Act. The guidance directly reflects several recommendations America’s Credit Unions has made during its engagement with FinCEN and other agencies.
America’s Credit Unions Fraud Task Force has discussed the need to expand the scope of the protections afforded by the information safe harbor in 314(b). Comments filed with FinCEN in December 2025 recommend FinCEN consider clarifying the applicability of the 314(b) safe harbor for more generalized fraud information sharing.
Other previous comments from America’s Credit Unions on ways to combat fraud call for agencies to “adopt guidance designed to maximize the scope of permissible information sharing to target general financial fraud” when a transaction does not clearly involve money laundering or terrorist financing.
The new guidance directly responds to these recommendations by noting “fraud offenses are specified unlawful activities for money laundering offenses” in response to a question whether a financial institution or association of financial institutions can share information related to fraud under section 314(b).
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