NCUA Enforcement Policy Supports US Humanitarian Aid to Venezuela

• The Federal Reserve, FDIC, NCUA, and OCC issued a joint statement on July 31, 2026, to support US government efforts in facilitating economic recovery and financial stability in Venezuela.
• The Agencies' commitment applies to authorized financial services provided by supervised institutions in Venezuela from July 31, 2026, through January 29, 2027.
• Institutions must be currently compliant with BSA Requirements and engage in reasonable efforts to comply to rely on the Agencies' commitment.

The Agencies commit to their respective supervised entities that they will not take any supervisory action, including citing a violation of law, or pursue an enforcement action against a supervised financial institution related to a requirement under the Bank Secrecy Act, the USA PATRIOT Act, and other anti-money laundering laws administered by FinCEN and the Agencies.

The staffs of the Federal Reserve, FDIC, NCUA, and OCC issued a joint statement on July 31, 2026, to support US government efforts in facilitating economic recovery and financial stability in Venezuela. This includes providing humanitarian aid and assisting reconstruction after recent earthquakes in the country. The Agencies' commitment is intended to alleviate regulatory uncertainty that may hinder the provision of timely humanitarian aid.

The Joint Statement follows a similar statement by FinCEN regarding its own enforcement policy with respect to Venezuela, issued on July 27, 2026.

The Agencies' commitment applies to authorized financial services provided by supervised institutions in Venezuela from July 31, 2026, through January 29, 2027. To rely on this commitment, institutions must be currently compliant with BSA Requirements and engage in reasonable efforts to comply, taking into account the government's interests in providing humanitarian relief and promoting financial stability.

Institutions must also have not been subject to a final enforcement action involving BSA violations within the prior 24 months and remain compliant with OFAC administered sanctions regulations. This commitment does not apply to statutes or regulations except as specifically addressed above.

The Agencies' commitment provides financial institutions supervised by an Agency with a clear understanding of their regulatory obligations in supporting Venezuela's economic recovery and earthquake relief efforts. By committing to non-punitive enforcement, the Agencies aim to encourage institutions to provide authorized financial services in Venezuela without fear of regulatory action.

This commitment recognizes that institutions exercising reasonable care to avoid BSA violations should not be penalized for actions taken in support of humanitarian aid and economic recovery efforts.

Financial institutions supervised by an Agency may rely on this commitment to provide authorized financial services in Venezuela without fear of regulatory action, provided they continue to engage in reasonable efforts to comply with applicable BSA Requirements and remain compliant with OFAC administered sanctions regulations.

Source: Original reporting via Joint Statement of Enforcement Policy in Support of Venezuela's Economic Recovery and Earthquake Relief Efforts