Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Payments Fraud topic
No spam. Unsubscribe anytime.
Fed issues request for information on check and payment fraud; lawmakers seek action
Summary
Chair Powell confirmed the Federal Reserve has issued a request for information on mitigation of check and payment fraud and is gathering input to guide next steps. Lawmakers urged action to reduce fraud even as use of checks declines; Powell said the Fed is collecting information and will consider policy steps based on public responses.
Several members asked about a Fed request for information (RFI) on check and payment fraud.
Representative Foster noted the RFI and urged prompt action to reduce a persistent problem even as check use declines. Powell said the Fed published an RFI to gather information on ways to mitigate check and payment fraud and that the Fed has started a process to gather information and assess potential policy steps.
Powell said the Fed is collecting public responses and will analyze that information to consider options for reducing fraud risk in payment systems. He provided no specific timeline in the hearing for follow-up actions beyond the RFI process.
