119th Congress Finance and Financial Sector
H.R. 9331: STOP Payments Fraud Act of 2026
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes additional grounds for banks to pause the processing of deposited checks and wire transfers. Under current law, banks are generally required to make deposited funds available in one to two business days, depending on the type of deposit and with limited exceptions.
Under the bill, receiving banks are allowed to delay the processing of checks or wire transfers that they reasonably suspect are fraudulent. The bill allows for an initial hold that is not to exceed 10 days and an extended hold that is not to exceed 45 days. If an account is overdrawn due to a hold on a wire transfer and the depositor did not receive written notice, no overdraft fees may be applied.
The bill allows the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) to determine when to apply safeguards to accounts determined to be at greater risk of fraud. Such safeguards must not apply for more than 60 days for each occurrence.
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These changes take effect 60 days after the issuance of implementing rules, which must be issued within one year of the bill's enactment.
The bill also requires (1) the board and CFPB to determine whether to remove Treasury checks and cashier’s checks from expedited classification due to material losses from fraud, and (2) the Government Accountability Office to report on issues relating to the availability of funds and fraud protection.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Vicente Gonzalez D-TX
- Michael Lawler R-NY
- Sylvia Garcia D-TX
Who scored on this bill
- 1Young Kim SponsorIntroduced, drew cross-party cosponsors, marked up, reported4 events+38
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Young Kim
History
- Introduced in the House by Young Kim.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-792.
- Placed on the Union Calendar, Calendar No. 692.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- Introduced in House
- Referred to the House Committee on Financial Services.