Banks could hold deposits longer to fight check and wire fraud
Placed on the calendarH.R. 9331Latest action
Sponsor: Young Kim · Representative · CA
AIDecoded by AI · checked against the recordRead the official text
Official title: STOP Payments Fraud Act of 2026
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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Banks could delay access to deposited funds up to 45 days if they suspect check or wire fraud.
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What does this do?
This bill lets banks hold deposited funds longer than current limits, up to 10 days initially and 45 days extended, when they reasonably suspect check or wire fraud. The Federal Reserve and CFPB must write rules governing these holds, notification requirements, and longer holds for new or risky accounts. Regulators also gain power to speed up availability of certain checks during high-fraud periods.
Who does it affect?
Bank and credit union customers who deposit checks or receive wire transfers, especially those flagged for suspected fraud, are most directly affected. Banks and credit unions gain more flexibility but face new notification, recordkeeping, and compliance rules from the Federal Reserve and CFPB.
Why does it matter?
Customers could see their money held longer than under current law when a bank suspects fraud, though banks lose the right to charge overdraft fees caused by delays if they fail to notify customers properly. Regulators must also study and report to Congress on how well these fraud protections work.
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Where does it stand?
- IntroducedJun 18, 2026
- House committee
- House voteYou are here · Sep 1, 2026
- Senate
- The president's desk
Right now: it was placed on the , and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Placed on the Union Calendar, Calendar No. 692.