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ICBA Congratulates FBI on Its Centennial Anniversary

Community Banks Value Partnership with America's Law Enforcement Agency

Washington, D.C. (July 25, 2008)—The Independent Community Bankers of America (ICBA) congratulates the Federal Bureau of Investigation (FBI) on its 100 years of service to our nation.

"The FBI is likely the single agency that makes the greatest use of Bank Secrecy Act data. For example, using BSA data, the FBI has taken the lead in investigating and combating mortgage fraud," said Camden Fine, ICBA president and CEO. "The FBI's activities help protect community banks and the communities we serve. ICBA congratulates the FBI on its 100 years of service to our country."

Under the Bank Secrecy Act, banks and other financial institutions report suspicious activities and large currency transactions. The FBI uses the reported data to track potential financial crimes and terrorist activities and has been particularly sensitive to ICBA's concerns about providing feedback on the usefulness of the reported information.

"If you look at the information in FinCEN's (Financial Crimes Enforcement Network) Suspicious Activity Report Review, many of the criminal cases reported are FBI-related. This shows a direct link between the ability of the FBI to uncover potential criminal activity and the BSA data reported by the nation's community banks," said Fine. "ICBA greatly values its partnership with the FBI and looks forward to continuing to work together to prevent financial crimes and keep our citizens safe and secure in their financial transactions."