TBA files comments on federal banking agencies’ payments fraud RFI

The Texas Bankers Association (TBA) submitted comments to the FDIC, Federal Reserve, and OCC regarding their request for information on payment fraud. In its filing, TBA called for greater collaboration among regulators, law enforcement, legislators, and the banking industry to combat rising fraud in check, ACH, wire, and instant payments.

In the, TBA suggested that as the agencies work to address the growing and widespread problem of payment fraud, they focus on collaboration between law enforcement, legislators, regulators, and the banking industry. TBA highlighted the success of the Texas Financial Crimes Intelligence Center and the commitment from Texas legislators to identify and target specific crimes and enhance penalties for criminals working to defraud Texans and the banks who serve them. We also pointed to the success of TBA’s ISAO and how effective communication by and between bankers and law enforcement enables fraud intervention in close to real-time. Working closely with the team at Compliance Alliance, our comments pointed out a number of regulatory inconsistencies which make it difficult for bankers to effective work to resolve fraudulent payments.

TBA is committed to continuing to work collaboratively to develop innovative solutions to ensure criminals know that if they commit payments fraud in our state, there will be serious consequences.