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America’s Credit Unions (AmCU) has called on federal regulators to strengthen collaboration and standardize approaches to fraud prevention across the financial sector, warning that fragmented oversight leaves consumers vulnerable and credit unions overburdened.
In a detailed response to the federal interagency Request for Information on fraud, AmCU emphasized that credit unions are uniquely impacted by rising fraud schemes, including account takeovers, synthetic identities and peer-to-peer payment scams. The trade group urged regulators to promote more consistent definitions of fraud, facilitate real-time data sharing and modernize reporting frameworks.
“Credit unions remain steadfast in their mission to protect members’ assets, but they need regulators to harmonize expectations and improve coordination with law enforcement,” the letter stated. AmCU noted that fraud losses disproportionately affect smaller institutions, which often lack the same technological defenses as the largest banks and fintechs.
The association also highlighted the need for federal agencies to address consumer awareness gaps. “Member education is a critical line of defense, but fragmented resources and inconsistent messages create confusion,” AmCU wrote. It urged regulators to support uniform consumer guidance on fraud prevention and recovery steps.
AmCU concluded by stressing that solutions must balance innovation with accountability. “Fraud is an industry-wide threat that requires an industry-wide response,” the letter said, calling for a more unified regulatory strategy that supports credit unions’ ability to safeguard their members.
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