This story appeared in Bank Digest.
Financial Crimes Enforcement Network (FinCEN) Director James H. Freis Jr. outlined steps that FinCEN is taking to combat persons attempting to defraud American homeowners through purported “mortgage modification” and “foreclosure relief” companies. “These predatory scams rob Americans of their savings and potentially their homes,” Freis stated in an address before the Cambridge International Symposium on Economic Crime. Freis noted that “it is important for law enforcement to be proactive in their investigative efforts, and it is just as critical that we think creatively to close loopholes on the regulatory side.” He stated that, “FinCEN will work to close loopholes that allow criminals to prey on innocent consumers. With those in the financial community, we will work to ensure they remain vigilant and share information so that industry can continue providing law enforcement with the lead information they need to aggressively root out fraud while promoting legitimate economic activity and growth. And we will also continue to challenge ourselves and our law enforcement partners to think creatively to identify new threats.”