Responsible Data Alliance Applauds FDIC and OCC Encouragement of Voluntary Information Sharing by Financial Institutions
Washington, DC, July 10, 2026 – The Responsible Data Alliance applauds statements issued by the FDIC and OCC this week to encourage financial institutions to voluntarily share information under Section 314(b) of the USA Patriot Act and to highlight guidance issued recently by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). These actions recognize the critical role that a broad array of data and information play in helping financial institutions combat illegal activity in real time.
Fraud is a significant and growing problem that harms consumers in every part of their daily lives. In 2025, consumers reported more than $20 billion in fraud losses to the FBI’s Internet Crime Complaint Center (“IC3”), a 26% increase from 2024. In 2025, the FTC reported $15.9 billion in total fraud losses, up from $12.8 billion in 2024 and $10.4 billion in 2023. The FTC also received 3 million fraud reports, with 37% of individuals reporting a loss.
The Responsible Data Alliance’s member companies work with community banks, credit unions and the nation’s largest financial institutions to stop fraud before it happens, both at the point of application and ensuring consumers’ financial accounts are safe on an ongoing basis. Our members’ data, analytics, and innovations are vital to the fight to ensure consumers can trust our country’s financial services sector. Responsible uses of data protect consumers day-by-day even as fraud attempts grow and are enhanced with AI.
About the Responsible Data Alliance
The Responsible Data Alliance promotes trust, privacy, and innovation in the data ecosystem. We support responsible data practices and tools that prevent fraud, mitigate risk, and protect consumers. To learn more, please visit responsibledata.org.
