Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
06/23/25
05/21/25
05/21/25
U.S. Senate 05/16/25
House Financial Services Committee 04/01/25
02/26/25
02/11/25
02/05/25
Sen. Ted Budd 06/19/24
U.S. House of Representatives 05/21/24
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
06/30/25
05/30/25
12/16/24
Consumer Financial Protection Bureau 08/01/24
06/11/24
Federal Reserve 05/11/24
Basel Committee on Banking Supervision 03/28/24
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24

Testimony

Title Committee Presenter Date
House Financial Services Committee Written Statement 04/01/25
Senate Banking Committee Written Statement 03/12/25
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

Agencies request information on targeting payments fraud

June 17, 2025

ICBA applauded the federal banking agencies for announcing a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud.

Request from Agencies: The agencies are seeking public comments on discrete actions, collectively or independently, to mitigate check fraud and other payments fraud within their respective bank regulation and payments authorities.

Key Issue Areas: The agencies requested input on five potential areas for improvement and collaboration:

  • External collaboration among the agencies, Federal Reserve Banks, and industry stakeholders.

  • Consumer, business, and industry education.

  • Regulation and supervision to mitigate payments fraud.

  • Data collection and information sharing.

  • Federal Reserve Bank operator tools and services.

First Step: Federal Reserve Vice Chair for Supervision Michelle Bowman said the request is a “welcome first step” in agency efforts to combat the increasing occurrence of fraud, citing the harm of check fraud on community banks, consumers, and businesses. Bowman called for a comprehensive strategy to develop and implement an effective, coordinated approach.

Next Steps: Comments must be received within 90 days after date of publication in the Federal Register. The agencies said they will also continue looking for additional opportunities to effectively collaborate across other state and federal agencies given the importance of interagency coordination to help mitigate payments fraud.

ICBA Support: ICBA applauded the announcement in a national news release, noting ICBA and community bank efforts to combat check fraud. “ICBA looks forward to working with Federal Reserve Vice Chair Michelle Bowman and others at the regulatory agencies to ensure a more secure payment system for U.S. consumers,” ICBA President and CEO Rebeca Romero Rainey said.

ICBA Resources: ICBA has strongly advocated a federal response to rising check fraud and offers resources to help community banks combat the problem. For instance, ICBA:

  • Is encouraging community bankers to order physical copies of a check fraud prevention flyer to distribute to customers.

  • Is partnering with the U.S. Postal Inspection Service on these flyers and other resources, including a customizable news release available on ICBA’s Marketing Resource Center.

  • In March applauded the Trump administration for working to combat the threat of check fraud by addressing the Treasury Department’s use of paper checks.

  • Offers additional community banker resources—including guides on check fraud and online fraud courses—via the ICBA website.

  • Hosts the Fraud subgroup on ICBA Community, which features more than 900 members dedicated to discussing fraud.

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