U.S. Banking Regulator Announces New Efforts to Combat Financial Fraud in Minnesota

A top U.S. banking regulator announced new efforts aimed at combating fraud in Minnesota during a discussion with community bank leaders Tuesday. Comptroller of the Currency Jonathan Gould discussed the role of banks to identify and combat fraud, and the Office of the Comptroller of the Currency’s (OCC) commitment to support banks in their efforts. “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 in a statement. “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.” Jonathan Gould, comptroller of the currency, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, on Thursday, February 26, 2026. (Al Drago/Bloomberg via Getty Images) The OCC is an independent bureau of the U.S. Department of the Treasury that charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks. Statistics released by the OCC show more than 15,000 suspicious activity reports in Minnesota via checks, counterfeit instruments, wire fraud, and elder exploitation. The estimate of fraudulent activity reached a total loss of $86.5 million. WATCH — Ilhan Omar: Everything in Minnesota Is Great & Fraud Is Really Inspiring Actually: Gould announced the launch of a new tool for community bankers to directly report suspected fraud involving OCC-regulated institutions to an OCC fraud taskforce and reiterated that the agency has resources available to support banks’ efforts to report fraud and keep their customers and communities safe. “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,” said Gould. Follow Matt Mercer on X: @mattmercer.