Depository institutions are blasting a Federal Reserve Board plan that would force them to clear out-of-town checks faster.

Banks, thrifts, and credit unions told the central bank in comment letters that the proposal is unnecessary, would increase compliance costs, and could increase check fraud.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.