The FAQs address these topics:
- Fraudulent inducement to share account access information
- Consumer negligence and liability for unauthorized EFTs
- Modification or waiver of Regulation E protections
- Regulation E and private network rules
- Conditioning error investigations on police reports, etc.
- Requiring a consumer to contact the merchant before starting an investigation
- Determining consumer liability for unauthorized EFTs
These FAQs provide new insight and clarification on some key areas of Regulation E regarding EFT error resolution rules and commentary in Section 1005.11. It is recommended that Compliance Officers closely review the new FAQs to ensure processes are up to date with current regulatory guidance and to avoid consumer harm in the EFT error resolution process.
The FAQs can be viewed in their entirety at the following link:
Electronic Fund Transfers FAQs | Consumer Financial Protection Bureau (consumerfinance.gov)