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Financial Services Law Insights and Observations

Minnesota Commerce Department issues guidance to state banks and state credit unions regarding fraud with paper stimulus checks

State Issues Covid-19 Minnesota Bank Compliance CARES Act Credit Union

State Issues

On April 22, the Minnesota Commerce Department issued letters to officers of state banks and state credit unions alerting them of potential fraud that may arise in connection with the receipt of paper stimulus checks ordered under the CARES Act. The letters link to the Treasury and Secret Service guidance that highlights Treasury check security features and includes a link to a check verification application.

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