Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. Electronic Fund Transfer Act 12 CFR 1005.3(a). Electronic Fund Transfer Act provide legal notice to the public or judicial notice to the courts. General-use prepaid cards, gift certificates, and store gift cards. This site displays a prototype of a Web 2.0 version of the daily 2021-CFPB-0006 (Oct. 19, 2021), [22] Third-Party Relationships: Interagency Guidance on Risk Management, Central Application Tracking System (CATS), Office of Thrift Supervision Archive Search, Federal Branches and Agencies Supervision. Electronic Fund Transfers (Regulation E 2105 (1996). Refer to 12 USC 3102(b) and the "Federal Branches and Agencies Supervision" booklet of the Comptroller's Handbook for more information. 1693b. 1005 - Electronic Fund Transfers (Regulation In addition to having a choice with respect to how consumers receive their government benefits, Regulation E requires that a statement of the consumer's payment options be included in disclosures provided before a consumer acquires a government benefit account. 1693et seq.) Electronic fund transfers are defined as transactions that use computers, phones or magnetic strips to authorize a financial institution to credit or debit a customers account. 02/23/2022 at 8:45 am. Details Compare Dates eCFR Content Enhanced Content View table of contents for this page PART 205 - ELECTRONIC FUND TRANSFERS (REGULATION E) Authority: 15 U.S.C. are On June 4, 2021, the Bureau issued FAQs regarding the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation. See CFPB Bulletin 2013-10 12 CFR 1005.3(a). The definition of prepaid account in the Prepaid Accounts Rule includes government benefit accounts (as defined in 1005.15(a)(2)), which were already covered by Regulation E since the mid-1990s. The Electronic Fund Transfer Act (EFTA) is a United States consumer protection law that lays out the rights, responsibilities, and liabilities of parties involved in electronic money transfers. 1503 & 1507. 1693m. government benefit accounts subject to the compulsory use prohibition, such as those used to distribute funds related to Temporary Assistance for Needy Families (TANF), Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and the Supplemental Nutrition Assistance Program (SNAP). These disclosures must be included on the access device or, if there is no physical access device, on a website, mobile application, or other entry point a consumer must visit to access the government benefit account electronically. 27. 19. The Electronic Fund Transfer Act (EFTA) provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. More information and documentation can be found in our Congress also empowered the Board of Governors of the Federal Reserve System (Board) to promulgate regulations implementing EFTA. 33. An official website of the United States government, OCCBulletin2021-33, Electronic Fund Transfer Act: Supplemental OCC Examination Procedures on Remittance Transfer Amendments; Summary of Amendments; and Rescissions. General-use prepaid cards, gift certificates, and store gift cards. Public Law 111-203, tit. On June 4, 2021, the Bureau issued FAQs regarding the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation. Document Drafting Handbook 12 CFR 1005.8(a)(1); 1005.15(f); 1005.18(f), (h)(2)(ii)(A), (iii), and (iv). 28, 1979). The Electronic Funds Transfer Act (EFTA), also known as Regulation E, created protections for consumers using certain electronic banking and financial services such as debit card transactions, electronic withdrawals, transfers, and deposits. Each document posted on the site includes a link to the Waiver of rights. Subchapter VI - ELECTRONIC FUND TRANSFERS Source: Reg. [20], The compulsory use prohibition ensures that consumers receiving the government benefits described above have a choice with respect to how they receive their funds. E, 61 FR 19669, May 2, 1996, unless otherwise noted. headings within the legal text of Federal Register documents. 25, 2017) and 83 FR 6364 (Feb. 13, 2018). 1693m. Specifically, that statement must disclose that (1) the consumer has several options to receive benefit payments, followed by a list of the options available to the consumer, and a statement directing the consumer to tell the agency which option the consumer chooses; or (2) the consumer does not have to accept the government benefit account and directing the consumer to ask about other ways to receive government benefit payments. 36. [7] 12 CFR 1005.3(b)(1). www.consumerfinance.gov/enforcement/actions/jpay-llc/. 12 CFR 1005.15(c)(2). [9] Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. Electronic Fund Transfer Act Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. 12 CFR 1005.7(a). 12 CFR 1005.15(a)(2). 2. 12 CFR 1005.2(b)(1). The Electronic Funds Transfer Act (EFTA), also known as Regulation E, created protections for consumers using certain electronic banking and financial services such as debit card transactions, electronic withdrawals, transfers, and deposits. This process will be necessary for each IP address you wish to access the site from, requests are valid for approximately one quarter (three months) after which the process may need to be repeated. has no substantive legal effect. are not 10. Federal Register. 205.1 Authority and purpose. 1693k. Electronic Fund Transfer Act (Reg Disclosures. Electronic Fund Transfer Act Limited Liability for Unauthorized Transfers and Error Resolution Rights. If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request. 1693 et seq.) 76 FR 81020 (Dec. 27, 2011). Electronic Fund Transfer Act of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers. Electronic Fund Transfer Act This booklet addresses compliance with Regulation E (12 CFR 1005), the consumer protection regulation that implements the Electronic Fund Transfer Act of 1978 (15 USC 1693). Laws and Regulations EFTA - FDIC [10] Start Printed Page 10299 In 2013, the Bureau issued a Compliance Bulletin on Payroll Card Accounts (Payroll Card Bulletin) to, among other things, reiterate that the compulsory use provision of EFTA and Regulation E prohibits employers, financial institutions, and other persons from mandating that employees receive wages only on a payroll card at a particular institution. The documents posted on this site are XML renditions of published Federal The Prepaid Accounts Rule, among other things, extended Regulation E coverage to prepaid accounts and adopted provisions specific to such accounts. for a government benefit account must set forth key information about the account that includes, as mentioned above, a statement regarding the consumer's payment options. Regulation E implements the Electronic Fund Transfer Act (EFTA), which establishes a basic framework of the rights, liabilities, and responsibilities of participants in the electronic fund and remittance transfer systems. With the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), authority to implement most of EFTA transferred to the Bureau. Overdraft Point of sale transfers Remittances (international money transfers) Telephone transfers The regulation covers topics such as: Disclosure of fees and limits Cancellation and error correction resolution procedures Liability Preauthorized transfers Receipts Additional resources Consumer FAQs Money transfers Prepaid cards Other resources Compulsory use of electronic fund transfers. The Electronic Fund Transfer Act (EFTA) and Regulation E apply to an electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account. of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers. 59 FR 10678 (Mar. of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs) and remittance transfers. 6. 14. General-use prepaid cards, gift certificates, and store gift cards. While every effort has been made to ensure that The Electronic Fund Transfer Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes certain protections for consumers sending international money transfers, or remittance transfers. See generally 1693 et seq.) 12 CFR 1005.3(a). These services include: transfers through automated teller machines (ATMs); point-of-sale (POS) terminals; 1. Civil liability. 81 FR 83934, 83995 (Nov. 22, 2016); Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. Interagency Consumer Laws and Regulations EFTA - Office of These tools are designed to help you understand the official document 1693 et seq.) Electronic Fund Transfer Act These services include: transfers through automated teller machines (ATMs); point-of-sale (POS) terminals; These rules provide a broad suite of protections to consumers who make EFTs, and for accounts from which consumers can make EFTs. Electronic Fund Transfer Act ). 5581(b)). 12 CFR 1005.7(b). It also requires notices and creates rights for consumers who send international wire transfers (remittances). Until the ACFR grants it official status, the XML 1693l1. The Prepaid Accounts Rule did not change the compulsory use prohibition in 1005.10(e) of Regulation E, but did add commentary to clarify the compulsory use prohibition's application to government benefits (comment 10(e)(2)-2), which is in line with pre-existing commentary regarding payroll card accounts (comment 10(e)(2)-1). 12 CFR 1005.3(a). electronic version on GPOs govinfo.gov. 1693l1. Electronic Fund Transfers FAQs [28], Disclosures on the access device or entry point (Sept. 12, 2013), See id. eCFR Electronic Fund In 1979, the Electronic Fund Transfer Act (EFTA), also known as Regulation E, was implemented to protect consumers when they use electronic means to manage their finances. Under Regulation E, consumers are entitled to three types of disclosures for government benefit accounts: Pre-acquisition disclosures, disclosures on the access device or entry point, and initial disclosures. 12 CFR 1005.10(e). Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. Electronic fund transfers are defined as transactions that use computers, phones or magnetic strips to authorize a financial institution to credit or debit a customers account. Electronic Fund Transfer Act The 2016 Final Rule, as subsequently amended,[13] 44 FR 18468, 18480 (Mar. 1693l1. Overdraft Point of sale transfers Remittances (international money transfers) Telephone transfers The regulation covers topics such as: Disclosure of fees and limits Cancellation and error correction resolution procedures Liability Preauthorized transfers Receipts Additional resources Consumer FAQs Money transfers Prepaid cards Other resources [31] Electronic Fund Transfer Act (Regulation 9. 15 U.S.C. EFTA's primary objective is the provision of individual consumer rights.[3] 31. However, for purposes of Regulation E, including the compulsory use prohibition, a government benefit account does not include an account for distributing needs-tested benefits in a program established under State or local law or administered by a State or local agency.
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