The Federal Reserve announced March 18 the 22 members of its Fraud Definitions Work Group. There are two credit union representatives in the group, including State Employees' Credit Union's Chris Guard. Guard is vice president of e-services compliance and fraud.
This group is the latest initiative to advance the Federal Reserve's strategy for improving the U.S. payment system. Over the next year, these industry leaders and subject matter specialists will work collaboratively with Federal Reserve leaders to formulate recommendations for improving the quality and consistency of automated clearing house (ACH), wire, and check fraud data.
In January, the Federal Reserve outlined the expertise needed to serve on the work group and asked payments experts to submit "expressions of interest." The Federal Reserve selected work group participants from these submissions and appointed some additional Federal Reserve and industry participants to ensure diversity of thought and strong expertise across the many needed disciplines.