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National Credit Union Administration (NCUA)
NCUA Board to Hold Meeting on May 22
The NCUA will hold a meeting on Thursday, May 22 starting at 10 a.m. Eastern.
Items on the agenda include:
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Consumer Financial Protection Bureau (CFPB)
CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers
The CPFB has announced that with respect to the Small Business Lending Under the Equal Credit Opportunity Act (Reg B), it will be implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (88 Fed). Regulation 35,150 it will not be used to prioritize enforcement or supervision actions with regard to entities that are currently outside the stay imposed under Texas Bankers Association v. CFPB, No. 24-40705 (CA5).
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Financial Crimes Enforcement Network (FinCEN)
FinCEN Issued an Alert on Oil Smuggling Schemes on the U.S. Southwest Border Associated with Mexico-Based Cartels
FinCEN issued an alert urging financial institutions to be vigilant in detecting, identifying, and reporting suspicious activity connected to the Jalisco New Generation Cartel (CJNG), Sinaloa Cartel, Gulf Cartel, and other Mexico-based transnational criminal organizations smuggling stolen crude oil from Mexico across the U.S. southwest border into the United States. In recent years, fuel theft in Mexico, including crude oil smuggling, has become the most significant non-drug illicit revenue source for the Cartels. According to U.S. law enforcement authorities, the Cartels are using complicit Mexican brokers in the oil and natural gas industry to smuggle and sell crude oil stolen from Mexico’s Petróleos Mexicanos (Pemex) to complicit, small U.S.-based oil and natural gas companies operating near the U.S. southwest border. As part of these schemes, the Cartels are stealing billions of dollars of crude oil, fueling rampant violence and corruption across Mexico, and undercutting legitimate oil and natural gas companies in the United States.
FinCEN's Alert provides an overview of methodologies and financial typologies associated with the Cartels’ oil smuggling operations, highlights red flag indicators, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act. This Alert was issued concurrently with an OFAC sanctions action against Mexican individuals and companies linked to CJNG’s fuel theft and oil smuggling operations on the U.S. southwest border.
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