Washington, D.C. — BPI appreciates the committee’s willingness to seek the banking industry’s input when crafting the “Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026,” which would amend the Expedited Funds Availability Act to permit the Federal Reserve and CFPB to change funds availability requirements for Treasury and cashiers’ checks from next-day to second day, establish a fraud exception hold for checks, and create an exception hold for wire transfers when the receiving bank has reasonable suspicion of fraud, among other changes.
Banks work tirelessly to protect their customers from fraud and scams, yet outdated regulations limit banks’ ability to intervene when fraud or scams are suspected. By allowing funds availability from check and wire transfers to be slowed when circumstances warrant, the STOP Payments Fraud Act would provide time for banks to better protect consumers from this pervasive threat.
As the bill advances through the legislative process, BPI looks forward to continued work with the committee to ensure banks can mitigate the harm from check and wire transfer fraud effectively and efficiently. We appreciate the committee’s leadership and look forward to continued engagement on this issue.
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About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
Media Contact
Sam Fabens
sam.fabens@bpi.com
