The Federal Reserve Board has announced a request for public input regarding possible changes to the check services it provides, as well as broader trends in check usage and preferences. The Board is seeking feedback to better understand how potential adjustments could affect banks, credit unions, consumers, and businesses.
Currently, the Reserve Banks offer check collection and processing services for a fee. However, the use of checks has been declining over time as digital payment methods become more common. At the same time, incidents of check fraud have increased. Maintaining current levels of service would require significant investments in infrastructure by the Reserve Banks.
The Board’s request asks stakeholders to consider different scenarios that could alter both the scope and cost of check services provided by the Fed. The questions included in the request focus on understanding what impact these changes might have on various users of check services.
“This request for public input is preliminary. Accordingly, if commenters and the Board’s analysis support a strategy that may have significant longer-run effects on the nation’s payments system, the Board would seek additional public comment on such changes to check services prior to adoption,” according to the statement from the Federal Reserve Board.
Those interested in submitting comments must do so within 90 days after publication in the Federal Register.
More information can be found in the official Federal Register notice and accompanying Board Memo.
