Money Mule Awareness Act

I 116TH CONGRESS 2D SESSION H. R. 7422 To require the Federal financial regulators to issue guidance to encourage depository institutions to establish programs to educate customers at risk of unwittingly becoming money mules. IN THE HOUSE OF REPRESENTATIVES JUNE 30, 2020 Ms. GABBARD introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Federal financial regulators to issue guidance to encourage depository institutions to establish pro- grams to educate customers at risk of unwittingly becom- ing money mules. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Money Mule Awareness 4 Act’’. 5 SEC. 2. FINDINGS. 6 Congress finds the following: 7 VerDate Sep 11 2014 01:35 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7422.IH H7422 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 7422 IH (1) Criminals frequently recruit unwitting par- 1 ticipants to move and hide illicit funds through the 2 U.S. financial system. 3 (2) The Federal Trade Commission has issued 4 materials to help educate consumers about money 5 mule schemes. 6 (3) In April 2020, the Federal Bureau of Inves- 7 tigation issued a warning and guidance to the public 8 of money mule schemes exploiting the COVID–19 9 pandemic. 10 (4) Depository financial institutions can be un- 11 witting participants in fraudulent transactions by 12 money mules and should be encouraged to educate 13 at-risk customers of money mule schemes. 14 SEC. 3. GUIDANCE ON MONEY MULE EDUCATION PRO- 15 GRAMS. 16 (a) GUIDANCE.—The Federal financial regulators 17 shall, jointly, issue guidance to encourage depository insti- 18 tutions to establish programs to educate customers at risk 19 of unwittingly becoming money mules. 20 (b) CONSULTATION.—In issuing the guidance re- 21 quired under subsection (a), the Federal financial regu- 22 lators shall consult with the Attorney General, the Direc- 23 tor of the Federal Bureau of Investigation, the Director 24 VerDate Sep 11 2014 01:35 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7422.IH H7422 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 7422 IH of the United States Secret Service, and the Federal 1 Trade Commission. 2 (c) DEFINITIONS.—In this section: 3 (1) DEPOSITORY INSTITUTION.—The term ‘‘de- 4 pository institution’’— 5 (A) has the meaning given that term under 6 section 3 of the Federal Deposit Insurance Act; 7 and 8 (B) means a State credit union and a Fed- 9 eral credit union, as such terms are defined 10 under section 101 of the Federal Credit Union 11 Act. 12 (2) FEDERAL FINANCIAL REGULATORS.—The 13 term ‘‘Federal financial regulators’’ means the 14 Board of Governors of the Federal Reserve System, 15 the Comptroller of the Currency, the Director of the 16 Financial Crimes Enforcement Network, the Federal 17 Deposit Insurance Corporation, and the National 18 Credit Union Administration Board. 19 (3) MONEY MULE.—The term ‘‘money mule’’ 20 means a person who transfers illegally acquired 21 money on behalf of or at the direction of another. 22 Æ VerDate Sep 11 2014 01:35 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H7422.IH H7422 pbinns on DSKJLVW7X2PROD with BILLS