Fed announces final amendments to Regulation E

Bank News, February, 2006 by Anonymous

Final amendments to Regulation E (Electronic Fund Transfer Act) that clarify the responsibilities of parries involved in electronic check conversion transactions and require that consumers receive written notification in advance of these transactions have been announced by the Federal Reserve Board. Additional revisions to the regulation's official staff commentary provide guidance on preauthorized transfers from consumers' accounts, error resolution and disclosures at ATMs.

In a separate action, the Fed also amended Regulation E so that it covers payroll card accounts.

Among other things, the final rule provides that merchants and other payees that convert payments by check into electronic fund transfers must provide a notice to consumers to obtain consumer...

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