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Board Issues Regulation E Final Rule, Mandatory Compliance date of July 1, 2010 (11/19/09) The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule limits the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for these transactions. The rule is effective January 19, 2010, with a mandatory compliance date of July 1, 2010. ABA on March 27, 2009, filed comments on the Regulation E proposal. For questions, contact ABA's Nessa Feddis.
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