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National Credit Union Administration (NCUA)
NCUA to Host Strategic Plan Town Hall on Sept. 9
The NCUA will host a Strategic Plan Town Hall on Sept. 9 starting at 2 p.m. Eastern. The virtual event invites credit union industry stakeholders to provide input on the 2026-2030 NCUA Strategic Plan. Attendees are encouraged to share their ideas on how to strengthen the credit union system, highlight future issues impacting credit unions, and provide feedback on what they would change about the most recent NCUA Strategic Plan.
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Consumer Financial Protection Bureau (CFPB)
Proposed Rule of Legal Standard Definition for Supervisory Proceedings for Nonbank Supervised Entities
The CFPB published a proposed rule which would define ‘‘risks to consumers with regard to the offering or provision of consumer financial products or services’’ that the Bureau will use in proceedings to designate nonbank covered persons for CFPB supervision.
Conduct that poses risks to consumers regarding the offering or provision of consumer financial products or services consists of conduct that:
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Financial Crimes Enforcement Network (FinCEN)
FinCEN Issues Advisory and Financial Trend Analysis on Chinese Money Laundering Networks
To raise awareness about Chinese money laundering networks (CMLNs), FinCEN is issuing: (1) an Advisory to urge financial institutions to be vigilant in detecting the use of CMLNs by Mexico-based drug cartels, including several designated as Foreign Terrorist Organizations; and (2) a Financial Trend Analysis (FTA) highlighting the scope and breadth of CMLN activity in the United States.
Bank Secrecy Act Reports Highlight Breadth of Chinese Money Laundering Networks in the United States
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As discussed in the FTA, FinCEN analyzed 137,153 Bank Secrecy Act (BSA) reports filed by financial institutions between January 2020 and December 2024 (the dataset) associated with suspected CMLN-related activity, totaling approximately $312 billion in suspicious transactions.
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CMLNs, as discussed in the Advisory and FTA, play a significant role in laundering proceeds from drug trafficking. CMLNs are also involved in facilitating a range of additional illicit activity, including fraud, human trafficking, and human smuggling.
CMLNs Are Being Utilized by Cartels to Launder Illicit Proceeds
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Mexico’s currency restrictions prevent large amounts of U.S. dollars from being deposited into Mexican financial institutions, hindering the cartels’ ability to launder funds through the formal Mexican financial system. The PRC’s currency control laws limit the amount of money Chinese citizens can transfer abroad each year.
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Ultimately, Chinese citizens’ demand for large quantities of U.S. dollars and the cartels’ need to launder their illicit U.S. dollar proceeds has resulted in a mutualistic relationship wherein the cartels sell off their illicitly obtained U.S. dollars to CMLNs who, in turn, sell the U.S. dollars to Chinese citizens seeking to evade China’s currency control laws.
CMLNs Are Involved in Other Types of Illicit Activity
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Financial institutions filed 43 BSA reports in the dataset involving approximately $766 million in suspicious activity, on 83 adult and senior day care centers, all of which listed addresses in New York.
CMLNs Use a Variety of Methods to Launder Proceeds, and May Recruit Employees Inside Financial Institutions
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To launder illicit cartel funds, CMLNs often utilize trade-based money laundering, money mule, and mirror transaction methodologies.
CMLNs Are Potentially Facilitating Real Estate Purchases Funded by Illicit Proceeds from a Variety of Financial Crimes
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CMLNs potentially play a key role in laundering illicit funds through U.S. real estate by using complex, layered transactions; involving third parties; and ultimately, integrating illicit proceeds into the real estate sector to launder ill-gotten gains.
FinCEN is Issuing Key Indicators of Illicit Activity linked CMLNs to Alert Financial Institutions
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In situations where the money mules are opening accounts, these money mules may report their occupation during the account onboarding process as “student,” “housewife,” “retired,” “laborer,” or other occupations that typically do not engage in large volumes of transactions, which may bring about suspicions as to why these accounts have large volumes of unexplained wealth.
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Federal Trade Commission (FTC)
Telemarketing Sales Rule Fees
The FTC issued a final rule which will increase the fees charged to entities accessing the National Do Not Call list. The revised rule increases:
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The annual fee for access to the Registry for each area code of data from $80 to $82 per area code, and
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The maximum amount that will be charged to any single entity for accessing area codes of data from $22,038 to $22,626.
Entities may add area codes during the second six months of their annual subscription period, and the fee for those additional area codes increases from $40 to $41.
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Internal Revenue Service (IRS)
Interest rates remain the same for the fourth quarter of 2025
The IRS has announced that the interest rates will remain the same moving into the fourth quarter of 2025 beginning Oct. 1. Currently the rate for overpayments and underpayments is 7% annually and compounded daily for individuals. Per the Internal Revenue Code, the rate of interest is determined by the federal short-term rate plus 3% points. The current rate is based on the short-term rate determined in July 2025.
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