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Article: Federal Reserve survey is expected to show rise in check fraud.
- Article from:
- American Banker
- Article date:
- January 4, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Federal Reserve's proposed check fraud survey is likely to show that the crime is on the rise, an industry expert said.
"I'll be surprised if they don't find that the problem is worse," said Bruce Brett, senior vice president at Signet Bank in Richmond, Va., and former chairman of the American Bankers Association's check fraud task force. "There are two reasons. For one, it probably is worse. And two, the banks are more attuned to the problem now."
The Fed plans to use the survey to determine the effectiveness of Regulation CC, the rules implementing the Expedited Funds Availability Act of 1987. The survey was mandated by the 1994 Community Development Banking Act, and ...