Feedback sought on how regulators can best address payments fraud

A new America’s Credit Unions Regulatory Comment alert requests feedback from credit unions on actions regulators can take to combat payments fraud.  

The Federal Reserve Board, Treasury Department, Office of the Comptroller of the Currency (OCC), and FDIC jointly issued a request for comment inviting public input on this topic as it works to help consumers, businesses, and financial institutions mitigate check, automated clearing house (ACH), wire, and instant payments fraud. 

Credit unions are encouraged to detail what barriers or risks exist in terms of collecting fraud data and sharing that information with peers or regulators, as well as how the government might support and improve efforts to detect and prevent fraud. 

Send comments to America’s Credit Unions by Sept. 1, submitted through the Regulatory Comment. Comments to the agencies are due Sept. 18.