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Our topic for the webinar recording will focus on the December 13, 2021 FAQ’s that the CFPB issued as a Reg E Compliance Aid. While the latest guidance doesn’t appear to be a new interpretation of the rules, it does emphasize the broad protections that consumers have regarding electronic transactions. These FAQs followed the June 4, 2021 FAQs which highlighted several Reg E requirements and noted violations that had been identified in the Summer 2021 Supervisory Highlights.
The updated guidance emphasizes the CFPB’s expectations with respect to the interaction among the following provisions four of the Electronic Fund Transfer Act (“EFTA”) and its implementing regulation, Regulation E:
- Coverage of person-to-person (“P2P”) and mobile payment transactions,
- The “service provider” provisions of Regulation E,
- Error resolution procedures and consumer liability limits, and
- Unauthorized EFTs.
The only way you can be sure that your front-line staff is complying with this high-profile consumer protection regulation is by providing effective training and providing sound procedures. Debit card use increased substantially in 2021; this means the potential for unauthorized transactions also increased. Understanding this updated guidance will be an expectation by all bank regulators.
WHAT YOU WILL LEARN:
- The Reg E FAQs consist of about twenty-four sets of questions and answers that outline consumer protection. The updated topics:
- Include transaction coverage,
- Financial institution coverage,
- Error resolution, and
- Unauthorized EFT error resolution
- The FAQs focus on three areas: (1) Non-bank providers of EFT services may be covered “service providers” subject to certain requirements of Regulation E, (2) Regulation E limits consumer liability for unauthorized EFTs conducted by fraudsters, (3) Multiple institutions involved in an unauthorized EFT may be subject to the error resolution requirements of Regulation E.
- Review of the June 4, 2021 and reminders of common violations
- What are five “best practices” for handling a Reg E dispute?
This webinar recording will benefit Customer Service and Call Center staff, New Account staff, Teller Supervisors, Deposit Operations staff, Security and Compliance Officers.
NOTE: This webinar recording does NOT address Visa or MasterCard zero liability rules; only the Federal Reg E dispute provisions and updated FAQs are included.