X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – With bipartisan support, H.R. 1408, the Financial Services Antifraud Network Act, authored by U.S. Representative Mike Rogers (R-Mich.) has been passed by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The legislation would create an antifraud network where the nation’s financial regulators can confidentially share information and alert each other to fraudulent practitioners. House Financial Services Committee Chairman Michael G. Oxley (R-Ohio), an original cosponsor of the measure said, “With financial services fraud estimated to cost in excess of $100 billion a year, greater information sharing is imperative if regulators are to do their jobs in the new financial services world envisioned by Gramm-Leach-Bliley.” The bill allows regulators to develop a network within two years. If they are unable to, the bill provides for the establishment of a subcommittee to create and coordinate the network. No new information would be collected and no information on consumers would be shared. “Modern technology and the Internet have created a new frontier for criminals, allowing them to defraud consumers with a mere click of a computer mouse,” said Rogers. “Our regulators need the same technological tools. Electronically linking regulators and law enforcement closes a loophole and averts schemes aimed at bilking the American public.” The bipartisan legislation, which passed the subcommittee by voice vote, currently has 15 cosponsors. [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.