Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, August 3, 2017

ABA, Groups Offers Feedback on Proposed Reg CC Changes

In a joint comment letter with five financial trade groups, ABA wrote to the Federal Reserve in support of proposed amendments to address situations involving disputes about whether portions of an electronic check has been altered or whether the item is a forgery. In cases where the original paper check is not available, for the purposed of determining the burden of proof, it would be assumed that the item has been altered rather than forged.

“We believe that alteration of a legitimate check is the more common type of check fraud today in which disputes arise between banks, and therefore a presumption of alteration in those disputes where the evidence is lacking is appropriate,” the groups said. They added, however, that the presumption should not be extended in cases where the paying bank receives the original check but is unable to produce the original check in subsequent disputes, regardless of the reason. 


Read the letter

No comments:

Post a Comment

Please read our comment policy before making a comment.