STOP Payments Fraud Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The STOP Payments Fraud Act of 2026 aims to strengthen protections against fraudulent checks and wire transfers. It allows depository institutions to temporarily suspend certain funds availability requirements if they have reasonable suspicion that a check or wire transfer is fraudulent. Specifically, it creates exceptions for checks and wire transfers where fraud is suspected, and establishes a process for determining when accounts are associated with ‘greater fraud risk,’ potentially leading to a temporary suspension of funds availability rules. The bill also addresses overdraft fees related to these exceptions.
Key provisions
- Allows depository institutions to temporarily suspend funds availability requirements for checks and wire transfers suspected of fraud.
- Establishes a ‘reasonable suspicion’ standard for triggering the exception.
- Defines ‘greater fraud risk’ circumstances that could trigger the exception.
- Specifies a 60-day limit on the suspension of funds availability rules for accounts with ‘greater fraud risk’.
- Provides for a notice requirement to depositors when a wire transfer is delayed due to fraud concerns.
- Waives overdraft fees for certain wire transfers flagged as potentially fraudulent if the depositor wasn't properly notified.
- Requires agencies to monitor compliance with the new rules during regular examinations.
- Permits depository institutions to communicate with other institutions about invoked exceptions.
Who is affected
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Sponsors
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