ICBA community banker Gay Dempsey testified on Capitol Hill that fraud is an urgent problem that must be fought through coordination among financial institutions, law enforcement, and government at every level.
Details: In testimony at a House Financial Services Committee hearing on fighting fraud, the CEO of the Bank of Lincoln County in Fayetteville, Tenn., and member of ICBA’s Fraud and Scams Task Force:
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Shared stories of individual and small-business customers victimized by different types of scams.
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Said community banks are uniquely positioned to prevent, detect, and mitigate fraud and scams and take this role very seriously.
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Outlined regulatory changes that could help combat fraud, including allowing longer hold times and clearer guidance under Regulation CC and instituting an appropriately tailored interbank dispute resolution process.
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Weighed in on several bills before the committee, including the ICBA-supported STOP Fraud Act to amend the Expedited Funds Availability Act in the case of fraudulent checks or wire transfers.
Fraud Fighting Advocacy: ICBA has spearheaded and strongly supports numerous efforts to combat check fraud such as:
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Partnering with the U.S. Postal Inspection Service to offer community banks educational materials to help consumers safeguard their financial assets.
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Supporting the Trump administration’s efforts to address the Treasury Department’s use of paper checks.
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Offering community banker resources on check fraud—including guides and online courses—on the ICBA website.