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FRB: Regulation E, Electronic Fund Transfers

ABA Contact: Nessa Feddis
Published: September 17, 2004 Federal Register
Comments Due: November 19, 2004
Disposition: Filed November 17, 2004

Summary

The Board published for comment proposed changes to Regulation E (Electronic Fund Transfer Act) and its commentary.  The proposed revisions address coverage of electronic check conversion and payroll cards.  In addition, the proposal provides guidance on preauthorized transfers, additional electronic check conversion issues, error resolution, and other matters.

Additional Comments

ABA filed additional comments on November 24, 2004.

* * * * Updated:  January 6, 2006 * * * *

Final regulation

The Board released final changes to the Regulation and Commentary clarifying authorization requirements for electronic check conversion, including requirements for posted notices, receipts, and initial disclosures. Among other matters, it clarified acceptable language for posted ATM notices regarding surcharges. Separately, the Board released final interim regulations regarding payroll cards, clarifying that payroll cards are covered under Regulation E and allowing alternatives to the requirement to provide written statements. Comments are due 60 days after publication in the Federal Register.

2004 Regulations Chart
Federal Register
Comment Letter

Questions? Please contact Nessa Feddis for more information.