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News Now

Washington
Fed agencies collaborate to fight financial fraud
WASHINGTON (12/8/09)--The federal government will seek to enhance its mortgage, corporate, and securities fraud fighting abilities through a newly established federal financial fraud task force composed of the Department of the Treasury, the Securities and Exchange Commission (SEC), the Department of Housing and Urban Development (HUD), and the Department of Justice. The task force will also involve leadership from a bevy of other federal agencies, including the Department of Homeland Security and the Federal Deposit Insurance Corporation, among others. Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn Monday questioned why the National Credit Union Administration was excluded from the task force composition and said CUNA will follow up with the task force on this matter. The fraud task force, which replaces the existing Corporate Task Force, will, according to Attorney General Eric Holder, bring those responsible for the last financial meltdown to justice through investigations and enforcement actions and prevent future financial circumstances from arising. The task force will also, according to the release, collaborate with federal agencies, regulatory authorities, and inspectors general, and work with state and local partners to “investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, address discrimination in the lending and financial markets and recover proceeds for victims.” The task force is part of an Obama administration effort to prevent financial fraud before it becomes widespread, Treasury Secretary Tim Geithner added. The task force, which takes the place of the Corporate Task Force created in 2002, will meet within the next 30 days.


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