ICBA is calling on community bankers to use its newly published grassroots guide to submit comment letters on an ICBA-supported interagency request for information on mitigating payments fraud.
About the Request for Information: The FDIC, Federal Reserve, and OCC are requesting input on actions they could take to help consumers, businesses, and financial institutions mitigate check, ACH, wire, and instant payments fraud. Comments are due by Sept. 18.
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.
About ICBA’s Grassroots Guide: ICBA’s guide—available on its Be Heard grassroots action center—offers instructions and sample language to help community bankers submit comment letters to the agencies. The guide includes language supporting collaborative efforts to combat fraud, encourages payments fraud regulations and examiner expectations tailored to community banks, and emphasizes ongoing challenges from check fraud.
Ongoing ICBA Advocacy: ICBA has strongly advocated a federal response to rising check fraud and offers resources to help community banks combat the problem.