Access Our Bankers Library for The Electronic Fund Transfer Act (Regulation E) Training
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The Electronic Fund Transfer Act (Regulation E)
Regulation E was designed to protect consumers that utilize electronic fund transfer (EFT) services. EFTs include transactions such as point-of-sale, ATM, debit card, ACH, etc., but do not include checks, wires, and the like. Regulation E establishes the basic rights, liabilities and responsibilities for consumers and financial institutions. While a good portion of Regulation E surrounds procedures for electronic fund transfer errors and unauthorized transactions, it also outlines requirements for everything from account disclosures, periodic statements and electronic terminal receipts to overdraft services, prepaid accounts, gift cards and remittance transfers.
Regulation E compliance can be difficult, as there are a lot of specific rules, timing requirements and liability standards that must be met. While the regulation does not prescribe specific penalties or restitution for non-compliance, problems with Regulation E can get you into hot water with your examiners and/or even lead to claims of unfair, deceptive, or abusive acts or practices (UDAAP).
Regulation E Today
The Electronic Fund Transfer Act was passed in 1978 and, while it experienced some tweaks along the way, there really had been no major changes until 2009 when the prohibition against charging fees on overdrafts caused by ATM and one-time debit transactions came along. That was quickly followed by changes related to gift cards in 2010 and several rulemakings related to remittance transfers beginning in 2012. One of the biggest complaints against Regulation E is that it has been slow to keep up with technology. The way people move funds today (Venmo, PayPal, etc.) looks very different than it did in 1978. Thus, there is a lot of confusion and misconceptions surrounding Regulation E, particularly the error resolutions requirements. In an attempt to assist financial institutions with certain aspects of Regulation E, the CFPB issued Electronic Fund Transfer FAQs in 2021.
Regulation E Training Resources
We are in the business of educating bankers and quality training is our top priority. Our goal is to see you and your financial institution succeed! You can be assured that everything we do, from in-person training and webinars to our magazine and blog, is done in our signature, plain English style.
There is no one-size-fits-all approach to a financial institution’s training needs. That said we do recommend some variety in the methods you choose. Variety will not only help your budget but will also give you different viewpoints. Maybe you attend an in-person conference every few years and then fill in any gaps with webinars. Maybe you follow our blog to monitor major regulatory developments and look to our magazine for more in-depth analysis. The point is, you can tailor training to your wants and needs.
In-Person Training
In-person Regulation E training is as good as it gets. The benefits of face-to-face training vs. other mediums are immeasurable. Face-to-face communication not only allows you to “hear” the material but also “see” it and “feel” it. The personal interaction with the presenters and other attendees/co-workers will stay with you long after the training ends. Another perk of in-person/on-site training is that it can be customized to your specific wants and needs.
Webinars
If you prefer a little more flexibility as to when and where you receive training, our webinars are a great solution. We have webinars devoted to specific Regulation E topics that you can choose from. The shortened format of a webinar (1-2 hours) really allows us to go in-depth with laser-like focus on specific areas of the Regulation E requirements. For example, if your financial institution is struggling with error resolutions and/or the ATM & one-time debit overdraft opt-in requirements, we have webinars that will get you on the right track.
Virtual Conferences
Our Virtual Conferences are a great way to stay current with regulatory compliance issues. We offer a one-day Virtual Deposit Operations Compliance Conference.
Consulting
Find out how we can best serve you and your team. It may be the ability to call our experts when your team has a question or to bring our team in for a review. Find your consulting options here.
Reviews
Banker’s Compliance Consulting offers many options for risk-based compliance reviews to assess the effectiveness of your compliance policies, procedures, and processes.
Banking on BBC Magazine
Our Banking on BCC Magazine is a must for any compliance professional. This monthly, subscription-based, electronic magazine is full of valuable compliance information each month. We cover a variety of lending, deposit and BSA compliance topics, from recent developments to highlighting areas that have maybe fallen off your radar. Each month, in addition to great articles, we feature a Q & A Corner, highlighting a few compliance questions we’ve recently received. Regular features such as Field Notes, BSA Bits & Pieces, Management Minute and Training Spotlight are included.
Monthly Connection
The Monthly Connection is yet another way to stay up-to-date on issues related to Regulation E and interact with your peers in the compliance industry. While we talk about a wide variety of topics each month, there is ample time to ask questions of our experts and your peers. We like to say, “Compliance is not competitive” and our Monthly Connection is a way for compliance professionals to help other compliance professionals.
Blogs
Our blog is a great way to say up to date with regulatory developments and topics. If the regulators issue a Final Rule affecting Regulation E, our blog is the first place you will hear from us. The blog acts as a great supplement to more formal methods of training and better yet, it’s FREE!
Free Regulation E Resources
Our free resources are a treasure trove of helpful information. We have articles, worksheets, sample notifications, etc., designed with the intent of helping you comply with the Regulation E requirements.
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External Regulation E Resources
These FAQs pertain to the coverage of Regulation E, including its unauthorized transfer and error resolution provisions, such as when a consumer is fraudulently induced by a third party to provide their account information or when private network rules conflict with the regulation.
These resources are provided to help financial institutions understand, implement, and comply with the electronic fund transfer provisions of Regulation E.
These resources are provided to help financial institutions understand, implement, and comply with Regulation E’s Remittance Transfer Rule.