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Bankers present 'transaction hold' draft to curb fraud; committee asks regulator to lead study
Summary
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.
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.
Stelio described model language used in other states and a version he submitted to committee staff. He said the tool is narrowly focused on individual transactions rather than blanket account holds and could operate as a "cooling off period" after a teller or other bank employee identifies an unusual or out-of-pattern request. "You could consider it…
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