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CSBS Newly Elected Chairman Underscores State-Federal Coordination

May 24, 2012

FinCEN Director Freis participated in the Conference of State Bank Supervisors (CSBS) State-Federal Supervisory Forum in Savannah, Georgia on Monday, May 21, 2012, where he provided updates to the commissioners on recent FinCEN activities in support of its State partners. During the CSBS annual meeting, Greg Gonzales, Commissioner of the Tennessee Department of Financial Institutions, was elected Chairman of the Board. CSBS issued a news release, highlighting his remarks to the attendees of the annual State-Federal Supervisory Forum. Mr. Gonzales shared priorities for the year ahead and stressed the importance of State and Federal coordination. FinCEN has had the privilege of working with Commissioner Gonzales and his colleagues in Tennessee for more than twenty years.

Coordination with State regulators is an essential component of FinCEN's efforts in carrying out its mission to enhance the integrity of financial systems by facilitating the detection and deterrence of financial crime. Included as part of the Administration's Fiscal Year 2013 budget proposal is a provision for a legislative amendment to FinCEN's statutory authorities that would allow for reliance on examinations conducted by a State supervisory agency for categories of institutions not subject to a Federal functional regulator.

As Director Freis noted in remarks in 2011 before the Nebraska Bankers Association, FinCEN has "the challenging but important task of writing and coordinating the enforcement of AML [anti-money laundering] rules for over 100,000 banks, credit unions, money services businesses (MSBs), insurance companies, securities brokers, casinos, mutual funds, precious metal dealers, and other financial institutions that face the risk of being used by criminals to support enterprises ranging from drug cartels, mortgage fraud rings, terrorist finance networks, immigrant smuggling, and much more." In addition, in a speech before the Money Transmitters Regulators Association in 2011, Director Freis emphasized that FinCEN "attempt[s] to coordinate closely at the federal level with the states to reduce duplication and enhance efficiencies."

In early May 2012, FinCEN announced that it had begun partnering with State insurance commissioners to share information on regulatory compliance and to fight insurance fraud.

FinCEN is also looking to building partnerships with the States on its newest regulated sector, non-bank residential mortgage lenders and originators. FinCEN has a strong track record in working with State Attorneys General among other partners to combat mortgage fraud and related crimes.

For more information on these issues and on FinCEN's work with Federal, State, and local law enforcement agencies, please see Director Freis' remarks before the 2012 Mortgage Brokers Association's National Fraud Issues Conference.

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