The National Credit Union Administration joined the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in issuing an advisory that urges financial institutions to be vigilant against risks presented by the unlawful employment of illegal aliens in the United States. The advisory tells credit unions and banks to detect and report related criminal activity. Developed in coordination with the Internal Revenue Service, the advisory calls for suspicious activity reporting and enhanced due diligence. It says the unlawful employment of illegal aliens may depress wages, facilitate identity theft, give employers unfair advantages over legitimate U.S. businesses, and cause other harm to the financial system. The release states that the advisory supports Executive Order 14406, Restoring Integrity to America’s Financial System.
National Credit Union Administration2026-06-05
National Credit Union Administration joins interagency advisory urging banks and credit unions to report risks tied to unlawful employment of illegal aliens
The National Credit Union Administration, together with other U.S. federal banking agencies and the Financial Crimes Enforcement Network, issued an advisory urging financial institutions to detect and report risks related to the unlawful employment of illegal aliens. The advisory, developed with the Internal Revenue Service, calls for suspicious activity reporting and enhanced due diligence, and notes associated harms to wages, identity theft risk, business competition, and the financial system.