Fed to Review Check Image Service Fees

On Monday, in response to requests by ABA and others in the payments industry, Federal Reserve Governor Jerome Powell said the Fed would review the Federal Reserve Banks’ costs associated with anti-money laundering and compliance and determine if any changes to Fed policies, procedures, or fee structures are warranted.

ABA and others had earlier requested a full competitive impact analysis of the Fed banks’ check image services to ensure that its pricing does not give it an unfair advantage over private sector operators. Powell declined the request for a full competitive impact analysis, but did direct his staff to review the aforementioned costs. For more information, contact ABA’s Steve Kenneally.