The Check Clearing for the 21st Century Act has not led to more efficient operations at the Federal Reserve Board, but that could change, the Government Accountability Office said in a report released Tuesday.

The 2003 law was meant to cut costs by letting consumers view their processed checks online, instead of receiving canceled checks in the mail, but the GAO said the Fed's check-clearing costs have increased since the law's enactment, largely because of investments in software and equipment.

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