House Assigns Check Truncation Conferees
WASHINGTON-The House recently named its members of the House-Senate conference on the legislation to allow banks to truncate their checks and modernize check truncation for greater cost efficiencies. Conferees for H.R. 1474 on the House side are House Financial Services Committee Chairman Mike Oxley (R-Ohio), Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.), Representative Steven LaTourette (R-Ohio), the bill's main sponsor Representative Melissa Hart (R-Pa.), Representative Pat Tiberi (R-Ohio), Committee Ranking Member Barney Frank (D-Mass.), and Congressman Harold Ford (D-Tenn.). The Senate has yet to name conferees and a date has not been set for the conference. While credit unions have been truncating checks for decades, under the legislation they would be able to truncate earlier in the process and more often for greater cost savings. The House and Senate versions of the bill are substantially similar. However, the Senate's bill makes it effective 12-months after being signed into law but the House legislation has an 18-month wait period.