Our bank is exploring the opportunity of converting issuing Official Checks from stock inventory to digital stock and printing using a regular printer, not MICR ink.

I have not found anything that talks about MICR Ink rules being repealed. Many large banks have already converted to this process and are printing items without MICR Ink.

Does anyone have any thoughts?

make sure that your scanners can read the non-micr ink

With the advent of character recognition software the need for MICR ink has decreased exponentially. Besides, when you process mobile deposits you only use the image so any MICR ink is irrelevant. If I had my way we would get rid of MICR ink as it is ridiculously expensive.

I found a Q&A from the Check 21 Act that says that MICR ink is an X9 industry standard.

32. How does one know if an item is a substitute check or a copy of a substitute check?

A substitute check must meet the industry standards of X9.100-140. Some of these standards include type of paper stock, the use of MICR ink, and size requirements. Staff training is a critical part of assuring that substitute checks are identified and treated in an appropriate manner. Sometimes, a copy of a substitute check will be printed on standard 8.5” by 11” paper without the warranty language or added MICR line, and some may even have optical security features indicating that the document is an original or a copy.

The X9 Committee released this in 2012 I think it said:

MICR, short for Magnetic Ink Character Recognition, is a core characteristic of the check and allows the data in the code line on the bottom to be captured magnetically and/or optically. Data on checks not printed in MICR cannot be magnetically captured and may require manual data entry. Even though check clearing continues to evolve Checks and Substitute Checks (IRDs) are legally required to include a magnetic code line in order to be treated as a “cash item”. Please refer to the following:
•US Code for Federal Regulations (Regulation CC): Section 229.2 (u)(4)
•Federal Reserve Operating Circular 3 (OC3)
•Standard: ANSI X9.100-140, Image Replacement Document – IRD
•Standard: ANSI X9.100-160-1, Magnetic Ink Printing (MICR)
•Standard: ANSI X9.100-20, Print and Test Specifications for Magnetic Ink Printing (MICR))