About Us | Contact Us
View Cart

Electronic Fund Transfer Act-Regulation E: Revised Examination Procedures

By Vigilize | Monday, October 24, 2011 - Leave a Comment

The Office of the Comptroller of the Currency (OCC) is issuing a new booklet entitled “Electronic Fund Transfer Act–Regulation E” in the Comptroller’s Handbook. This booklet updates examination procedures and incorporates recent changes the Board of Governors of the Federal Reserve made to Regulation E regarding overdraft services, gift cards, and electronic signatures.

The overdraft services rule (12 CFR 205.17) limits the ability of a financial institution to assess overdraft fees for paying automated teller machine 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 those transactions. This rule became effective July 1, 2010, for new account holders and August 15, 2010, for existing account holders.

The gift card rule (12 CFR 205.20) imposes certain restrictions on a person’s ability to impose dormancy, inactivity, or service fees with respect to gift certificates, store gift cards, and general-use prepaid cards. In addition, it prohibits the sale or issuance of such products if they are subject to an expiration date earlier than five years from the date of issuance of the gift certificate or the date on which the funds were last loaded to a store gift card or general-use prepaid card. This rule was effective August 22, 2010.

The new booklet also addresses changes made to Regulation E that simplify and clarify requirements regarding e-communication and the relationship of the regulation to the Electronic Signatures in Global and National Commerce Act (15 USC 7001 et seq.).

The “Electronic Fund Transfer Act–Regulation E” booklet is available on occ.gov and on Examiner’s Library. This booklet replaces the sections of the “Depository Services” booklet that address Regulation E and the Electronic Fund Transfer Act. If you have questions, please contact your supervisory office or the Compliance Policy Department at (202) 874-4428.


Read the Electronic Fund Transfer Act–Regulation E booklet (PDF)



same_strip_012513

Posted in Compliance

Latest News
    Top 7 Trend Articles of 2021. . .  . . .For ISOs of Small Financial Institutions. Welcome to our annual T7 article:  a list of our favorite trend articles from the past year.  Our intent: help you organize your thoughts as your work through your strategic planning process.  We hope reviewing these articles will help you […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie In our current world of uncertainty there is at least one thing that is certain. Business needs to continue, and that means that it is important for managers to be able to meet with their team even if everyone is working remotely at this point. In this Webinar-Movie, Dan will compare virtual meeting […]
    The One Test… …Is there a Test that Covers 9/11’s of the Battle? Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Twenty years ago two geek-friends and I debated the following question:  “Is there an Audit Test that covers 9/11’s of the battle?” This […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS NEW EMPLOYEE FOR INFOTEX infotex has just hired Tanvee Dhir, to be a new Data Security Analyst. “Tanvee is an outstanding addition to the team, bringing a new skillset we are eager to utilize.” says Chad Smith, NOC Manager of infotex. “I am really excited to be […]