Bankers present 'transaction hold' draft to curb fraud; committee asks regulator to lead study
The Vermont House Committee on Commerce & Economic Development on Feb. 18 heard a detailed proposal from the Vermont Bankers Association to allow banks to delay suspicious withdrawals for a limited period to help stop fraud.
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The Vermont House Committee on Commerce & Economic Development on Feb. 18 heard a detailed proposal from Chris Stelio, president of the Vermont Bankers Association, to give depository institutions discretionary authority to delay or refuse certain withdrawals they reasonably suspect are the result of financial exploitation or fraud.
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