Title: Money Mule Awareness Act
Policy area: Finance and Financial Sector

Summary:
Money Mule Awareness Act
This bill directs financial regulatory agencies to encourage consumer education at depository institutions regarding the risk of transferring illegally acquired money on behalf of another person.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7422 Introduced in House (IH)]

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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 programs to educate 
         customers at risk of unwittingly becoming money mules.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Money Mule Awareness Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Criminals frequently recruit unwitting participants to 
        move and hide illicit funds through the U.S. financial system.
            (2) The Federal Trade Commission has issued materials to 
        help educate consumers about money mule schemes.
            (3) In April 2020, the Federal Bureau of Investigation 
        issued a warning and guidance to the public of money mule 
        schemes exploiting the COVID-19 pandemic.
            (4) Depository financial institutions can be unwitting 
        participants in fraudulent transactions by money mules and 
        should be encouraged to educate at-risk customers of money mule 
        schemes.

SEC. 3. GUIDANCE ON MONEY MULE EDUCATION PROGRAMS.

    (a) Guidance.--The Federal financial regulators shall, jointly, 
issue guidance to encourage depository institutions to establish 
programs to educate customers at risk of unwittingly becoming money 
mules.
    (b) Consultation.--In issuing the guidance required under 
subsection (a), the Federal financial regulators shall consult with the 
Attorney General, the Director of the Federal Bureau of Investigation, 
the Director of the United States Secret Service, and the Federal Trade 
Commission.
    (c) Definitions.--In this section:
            (1) Depository institution.--The term ``depository 
        institution''--
                    (A) has the meaning given that term under section 3 
                of the Federal Deposit Insurance Act; and
                    (B) means a State credit union and a Federal credit 
                union, as such terms are defined under section 101 of 
                the Federal Credit Union Act.
            (2) Federal financial regulators.--The term ``Federal 
        financial regulators'' means the Board of Governors of the 
        Federal Reserve System, the Comptroller of the Currency, the 
        Director of the Financial Crimes Enforcement Network, the 
        Federal Deposit Insurance Corporation, and the National Credit 
        Union Administration Board.
            (3) Money mule.--The term ``money mule'' means a person who 
        transfers illegally acquired money on behalf of or at the 
        direction of another.
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