The Federal Reserve Board last week made a move toward potentially reducing the availability of check processing services that it provides to banks and credit unions, asking the public for input on what level of services are required. It’s also undertaking an analysis of the issue.
“To help the Board understand stakeholder needs and balance tradeoffs as it considers the future of the Reserve Banks’ check services, the Board is seeking input on potential future changes to check services with varying effects on the level of check services offered and their costs,” a Thursday notice said.
In a Thursday vote on whether to ask for public comment on the issue, the Fed board members voted six to one to ask the public for input on various possibilities. The Fed’s vice chair for supervision, Michelle Bowman, was the only member to vote against the proposal.