Treasury seeks input on modernizing payments

The Treasury Department announced it is seeking public input on its plans to transition federal disbursements to electronic payments.

Details: The request for information offers the opportunity for individuals and organizations to provide feedback on Treasury’s implementation of the March executive order that said that all federal payments that are currently made by paper check will be made electronically by Sept. 30. ICBA will be submitting comments.

Timeline: Treasury said members of the public are encouraged to submit comments within 30 days and the comments will be publicly viewable at regulations.gov.

ICBA Support: ICBA in March applauded the Trump administration for working to combat the threat of check fraud by addressing the Treasury Department’s use of paper checks. In a national press release, ICBA President and CEO Rebeca Romero Rainey said ICBA:

• Is available to work with the Treasury Department as it transitions away from paper checks to ensure more secure payments.

• Is partnering with the U.S. Postal Inspection Service to combat check fraud by offering community banks in-branch educational materials.

• Continues to support the growth of instant payments options like the FedNow Service.

Treasury Check Resource: Amid a dramatic rise in check fraud, ICBA has encouraged community banks to use the Treasury Department’s Treasury Check Verification System to catch canceled, duplicate, or other problematic Treasury checks at the time of presentment.

Check Fraud Partnership: ICBA’s partnership with the Postal Inspection Service includes a customizable news release via ICBA’s Marketing Resource Center.

Additional ICBA Resources: The ICBA website features additional community banker resources on fraud and scams, including ICBA’s guides on check fraud and online fraud courses. Meanwhile, the Fraud subgroup on ICBA Community includes more than 900 members dedicated to discussing fraud.