Prosecutors in dozens of federal districts are investigating individuals suspected of illegally shipping luxury cars from the United States to China, two U.S. officials said Monday.
The U.S. Treasury Department issued rules Friday broadening the types of law enforcement data requests banks can receive to include queries from foreign officials and investigations tied to additional crimes.
A proposed rule that would empower foreign and U.S. state and local law enforcement agencies to make information requests under a provision of the Patriot Act is meeting stiff resistance from banks and has raised concerns within the law enforcement community.
Banks need better legal safeguards when sharing customer information with other financial institutions in mortgage fraud investigations, say bank compliance professionals. At least one bank industry group wants to get Congress to consider such safeguards.