FMI BACKS REFORM OF ELECTRONIC CHECK RULES

WASHINGTON -- The Food Marketing Institute here said it will support efforts by the Federal Reserve and the National Automated Clearing House Association to streamline electronic check conversion and returned check-collection programs.The Federal Reserve issued a "commentary" last month on Regulation E that would change the rules for customer authorizations of electronic payments and payment of returned

WASHINGTON -- The Food Marketing Institute here said it will support efforts by the Federal Reserve and the National Automated Clearing House Association to streamline electronic check conversion and returned check-collection programs.

The Federal Reserve issued a "commentary" last month on Regulation E that would change the rules for customer authorizations of electronic payments and payment of returned checks. The commentary would give retailers the option of receiving customer auth

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