On June 13, the OCC, the Fed, and the FDIC jointly issued an RFI seeking public input on ways to address rising payments fraud, with a particular emphasis on check fraud. The request for information seeks stakeholder feedback across five key areas: external collaboration (questions 1–4); consumer, business, and industry education (questions 5–8); regulation and supervision (questions 9–15); payments fraud data collection and information sharing (questions 16–20); reserve banks’ operator tools and services (questions 21–22). Commenters are also invited to provide perspectives related to payments fraud more generally (questions 23–26).

The regulators noted that no single federal entity has complete regulatory authority to address all aspects of payments fraud and emphasized the importance of interagency collaboration to help mitigate payments fraud.

The agencies explained this RFI follows from increased trends in payment fraud statistics, with noncard payment fraud losses increasing 271 percent between 2020 and 2024. The Treasury reported check fraud rose 385 percent since the COVID-19 pandemic. Comments must be submitted within 90 days of the request’s publication in the Federal Register.