Comptroller of the Currency Jonathan Gould met with community bank leaders in Minnesota on Tuesday and announced a new tool allowing bankers to report suspected fraud directly to a federal fraud taskforce.
The Office of the Comptroller of the Currency (OCC), an independent bureau of the U.S. Treasury Department that charters and supervises national banks, federal savings associations, and federal branches of foreign banks, released data showing the scale of the problem in the state.
Non-mortgage fraud reports in Minnesota more than doubled between 2020 and 2024. Suspicious activity reports tied to check fraud jumped nearly 300 percent over the same period. OCC figures show more than 15,000 suspicious activity reports filed in Minnesota covering checks, counterfeit instruments, wire fraud, and elder exploitation, with estimated losses totaling $86.5 million.
“Minnesota has seen fraud spiral out of control in recent years. Non-mortgage fraud reports in Minnesota more than doubled between 2020 and 2024, and filings of suspicious activity reports related to check fraud increased nearly 300 percent during that same period,” Comptroller Gould said. “Billions of dollars intended for hungry children, housing for disabled seniors, and services for children with special needs were diverted to people who cheated the system, some of whom are not even American citizens.”
Gould said the new reporting tool gives community bankers a direct line to the OCC’s fraud taskforce when they suspect wrongdoing at OCC-regulated institutions. He said the agency has additional resources available to help banks report fraud and protect their customers.
“The OCC is committed to supporting community banks in the fight against fraud and participating in a whole-of-government effort to stop those who seek to exploit the U.S. financial system or prey on American families and taxpayers,” Gould said.
