ALEXANDRIA, Va.--NCUA has published a notice to address how it will report criminally liable offenses to the director at the Office of Management and Budget (OMB), who works with the regulations the agency enforces.
The notice sets a general policy outlining factors the NCUA will consider when determining whether to refer violations to the Department of Justice (DOJ) for criminal enforcement, America's Credit Unions explained.
The notice follows similar policy statements from the CFPB and FDIC, stemming from Executive Order 14294, “Fighting Overcriminalization in Federal Regulations.” The order directs federal agencies to develop formal processes for identifying and referring criminal regulatory offenses, ACU noted.