For example, the Check Clearing for the 21st Century Act, or Check 21, has facilitated the ability of banks to collect checks electronically. Depository institutions are using the authority granted under Check 21 to apply communications and imaging technologies to long-established check-collection processes. Ultimately, these changes will not only reduce check-processing and transportation costs but also diminish the importance of geography in check processing.
We look forward to feedback on this potential approach, including the role this could play in Indian Country. In short, we recognize the challenges you face are great and we want to ensure CRA reform helps you to improve credit access and financial inclusion in tribal communities.