New Efforts to Tackle Fraud in Minnesota Announced by Banking Regulator

A leading U.S. banking regulator recently shared new initiatives aimed at addressing fraud in Minnesota during a meeting with community bank leaders.

During the discussion, Comptroller of the Currency Jonathan Gould emphasized the importance of banks in detecting and combating fraud, along with the Office of the Comptroller of the Currency’s (OCC) dedication to assisting banks in these efforts.

“Fraud in Minnesota has become a major issue in recent years. Reports of non-mortgage fraud have more than doubled from 2020 to 2024, and suspicious activity reports regarding check fraud skyrocketed by almost 300 percent in the same timeframe,” Comptroller Gould noted in a statement. “Billions of dollars meant for essential services—like food for children in need, housing for seniors with disabilities, and support for children with special needs—have been misappropriated by those who exploit the system, including some who aren’t even U.S. citizens.”

The OCC, as an independent bureau within the U.S. Department of the Treasury, is responsible for chartering, regulating, and overseeing all national banks, federal savings associations, and federal branches of foreign banks.

According to OCC statistics, Minnesota has seen over 15,000 suspicious activity reports related to checks, fake instruments, wire fraud, and elder abuse, with estimated losses from fraud totaling around $86.5 million.

Gould also announced the introduction of a new tool designed for community bankers to report suspected fraud involving OCC-regulated institutions directly to an OCC fraud task force. He reaffirmed that the agency has resources available to assist banks in their efforts to report fraud and protect their customers and local communities.

“The OCC is dedicated to supporting community banks in the battle against fraud and is actively participating in a government-wide initiative to prevent individuals from exploiting the U.S. financial system and targeting American families and taxpayers,” Gould stated.