Check Fraud Survey

The Federal Reserve Board is requesting comments on a proposed check fraud survey. The survey will be designed to respond to specific questions asked by Congress: whether check fraud losses have increased as a result of the Expedited Funds Availability Act (EEFA), and whether an extension of one day between deposit of a local check and availability of funds would reduce losses. This survey will be critical in directing legislation to amend the EEFA in ways that will help banks.

It is important to offer suggestions on questions the survey should include to make the information most useful and to describe the type of information the survey should be designed to reveal and quantify. The FRB also wants suggestions on how to design the survey to make it least burdensome to the responding institutions. Comments are due by February 20.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 2, 1/96