Well... I believe this act is a good thing, as I get scanned images with my statements, and contrary to Consumer Report's claim, they will stand as proof of payment. The only case where there may be doubt is fraud, where you can access the bank's scanned checks for a front and back copy. A small fee may apply, but for the very rare times you would need this, I don't consider it to be harmful to the consumer.
In 12 years of holding checking accounts, I have never needed to access a cancelled check.
What this does do is upgrades the current stone age paper check routing everywhere for processing to a much more efficient electronic method. This method will save millions in processing costs a year.
It's about time for government to stop restricting progress.
