Press Release

June 16, 2025 Federal bank regulatory agencies seek comment to address payments and check fraud Federal Deposit Insurance Corporation Federal Reserve Board Office of the Comptroller of the Currency For release at 5:00 p.m. EDT Share The federal bank regulatory agencies today announced a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud. For purposes of the request for information, payments fraud generally refers to the use of illegal means to make or receive payments for personal gain, including scams. Because payments fraud may involve multiple institutions and payment methods, no single agency or private-sector entity can address payments fraud on its own. Therefore, the agencies are seeking public comment on discrete actions, collectively or independently, to mitigate payments fraud, including check fraud, within their respective bank regulation and payments authorities. Input is requested on five potential areas for improvement and collaboration: External collaboration among the agencies, Federal Reserve Banks, and industry stakeholders; Consumer, business, and industry education by the agencies and Federal Reserve Banks to educate about payments fraud; Regulation and supervision to mitigate payments fraud, including opportunities the Board may have related to check fraud; Payments fraud data collection and information sharing; and Federal Reserve Banks' operator tools and services to reduce payments fraud. In addition to seeking public input, the agencies will also continue looking for additional opportunities to effectively collaborate across other state and federal agencies given the importance of interagency coordination to help mitigate payments fraud. Comments must be received within 90 days after date of publication in the Federal Register . Federal Register notice: Request for Information on Potential Actions to Address Payments Fraud Statement from Vice Chair for Supervision Michelle W. Bowman Media Contacts:

Federal Reserve (2025, June 15). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20250616_federal_bank_regulatory_agencies_seek_comment_to

@misc{wtfs_press_release_20250616_federal_bank_regulatory_agencies_seek_comment_to,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2025},
  month = {Jun},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20250616_federal_bank_regulatory_agencies_seek_comment_to},
  note = {Retrieved via When the Fed Speaks corpus}
}