Fraud Concerns Raised by Fed Proposal to Reduce Check Hold Times
Claude R. Marx (Credit Union Times)
June 15, 2011

“…The proposed rule, which increases next business day availability for certain funds and would reduce the time financial institutions could hold payment on checks they find suspicious, was mandated by last year’s financial overhaul bill. Under the three-year deferral, only one-sixth of executives’ pay would be at risk for the full period and this doesn’t create adequate risk exposure, according to a comment letter from Americans for Financial Reform, a coalition of 250 national, state and local organizations. The American Federation of State, County and Municipal Employees raised similar points.” Click here for more.