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AI OASIS
PATRIOT OFFICER
PATRIOT OFFICER® is the only BSA/AML/RISK MANAGEMENT/ANTI-FRAUD/ANTI-FINANCIAL CRIMES solution that automatically identifies higher-risk customers and automatically monitors them more closely, as mandated by the BSA/AML Examination Manual.
AI OASIS®
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FinCEN alert on fraud schemes targeting federal student aid
On Friday, July 24, FinCEN issued FIN-2026-Alert004, "FinCEN Alert on Fraud Schemes Targeting Federal Student Aid," urging financial institutions to detect, prevent, and report suspicious activity connected to fraud schemes targeting student aid programs administered by the federal government.
The Alert warns that fraud rings use stolen and fraudulent identities, as well as other tactics, to enroll in educational institutions and unlawfully acquire funds from Federal student aid programs. The schemes not only result in losses to Federal student aid programs, but in some cases, real students face difficulties enrolling in classes because of the number of fraudulently enrolled "students."
The Alert also includes nine red flag indicators of federal student aid-related fraud to help financial institutions detect, prevent, and report potentially suspicious activity.
For further information and a link to the alert and a related Treasury Department press release, click HERE.
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2026 Check Fraud Benchmark Report [Free PDF]
Mobile Deposit Identified as a Top Fraud Risk for 48% of Surveyed Financial Institutions
The 2026 Check Fraud Benchmark Report reveals how financial institutions are navigating check fraud-and where gaps remain.
— Alogent
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GAO: Banking agencies lack processes for determining success of reviews
The ABA Banking Journal reports that federal bank regulators lack documented procedures to fulfill their obligation to review their regulations every ten years or to determine its effectiveness, according to a new report from the Government Accountability Office (GAO).
The Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA, requires the Federal Financial Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any unnecessary regulatory requirements for supervised institutions. The most recent round of reviews kicked off in 2024.
The GAO examined the processes the agencies have in place for their EGRPRA reviews. It determined that outcomes were often difficult to identify, and their connection to subsequent regulatory actions was unclear. One issue was that the agencies had no documented procedures for identifying outdated or unnecessary regulations or determining whether the issues discovered warrant action, according to the GAO. Another was that they have not incorporated practices related to prioritizing which rules to analyze, conducting cost-benefit analysis, and assessing the combined burden of multiple regulations.
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ABA & CBA urge Fed to strengthen guardrails for 'payment accounts'
The American Bankers Association and the Consumer Bankers Association have sent a joint letter to the Federal Reserve Board to propose that added safeguards be added to its proposed payment account framework to protect the safety, soundness, and integrity of the payments system.
The Board issued a formal proposal for a "payment account" that certain financial institutions could use only for clearing and settling payments. The associations detailed several ways in which the Fed should improve the proposal to limit the uses of payment accounts and distinguish them from conventional master accounts accessed by federally supervised institutions with federally insured deposits. The associations also said the Fed must continue to evaluate applicants' risk profiles, governance structures and supervisory oversight.
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EU-U.S. Joint Financial Regulatory Forum
The Treasury Department has reported that the EU-U.S. Joint Financial Regulatory Forum took place June 9–10, 2026, in Brussels, with participants exchanging views on a number of financial regulatory topics of mutual interest. The Forum was co-chaired by the European Commission and the U.S. Department of the Treasury.
The Forum highlighted the importance of sustained and close engagement between the EU and the U.S. and discussed: (1) digital finance; (2) market developments and financial stability; (3) the U.S. G20 Presidency's Finance Track; (4) the EU Savings and Investments Union; (5) bank regulation and supervision, including resolution-related matters; (6) insurance regulation and supervision; (7) capital markets; (8) the Foreign Account Tax Compliance Act (FATCA); and (9) anti-money laundering and countering the financing of terrorism (AML/CFT).
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OCC proposes GENIUS Act application forms
The OCC has published in today's Federal Register a 60-day notice of proposed information collection under the Paperwork Reduction Act with proposed applications for licensing or registration to issue stablecoins under the GENIUS Act from entities seeking OCC approval to become a permitted payment stablecoin issuer (PPSI) or from foreign payment stablecoin issuers to register with the OCC.
Comments on the proposed forms and information collection will be accepted through September 25, 2026.
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SBA disaster loan relief notices
The Small Business Administration (SBA) has announced the opening of a Disaster Loan Outreach Center in Cottonport, Avoyelles Parish, Louisiana, on July 27, 2026. The Center will assist businesses, private nonprofit organizations, and residents affected by Tropical Storm Arthur.
The SBA also announced it is offering low-interest disaster loans to Iowa businesses, private nonprofits, and residents of Iowa to offset physical and economic losses from severe storms, heavy rains, and flash flooding occurring July 2–4.
For further details and links to the SBA's announcements, click HERE.
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OFAC publishes rule to update and correct its regulations
OFAC today published a final rule to update website and contact information in several parts of the Code of Federal Regulations; to amend 31 CFR Part 546 to update general licenses authorizing payments for legal services from funds originating outside the United States to replace the reporting requirement in the general license with a recordkeeping requirement; to correct an erroneous cross-reference in Part 526; and to amend Parts 553 and 598 to correct typographical errors.
The changes are effective today. For a link to the rule, click HERE.
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July 29, 2026
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FACT Act:
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Risk Management
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Banking on Stability:
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1st Amendment Auditors:
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Modernizing TRID:
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UDAP/UDAAP:
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Conducting
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for Mortgage Fraud
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Servicemember
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Understanding
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ACH Basics—
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from 'A to Z'
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A Year in the Life
of a BSA Officer:
Best Practices
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Top 10 IT Audit
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Reg E and Visa
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Force Placed
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Documenting
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Reg E and Mastercard
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Compliance for
Commercial Lenders
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Compliance
Considerations
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New Deposit Account
December 9, 2026
Security Demystified:
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