the Federal Register. eCFR 29. These markup elements allow the user to see how the document follows the ( a) Authority. 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. that agencies use to create their documents. 2105 (1996). Electronic Fund Transfer Act 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. 35. 28. Federal Register provide legal notice to the public and judicial notice 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. to establish an account for receipt of EFT with a particular financial institution as a condition of receipt of a government benefit. These services include: transfers through automated teller machines (ATMs); point-of-sale (POS) terminals; 1693m. If you require this document in an alternative electronic format, please contact 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. Electronic Fund Transfers These services include: transfers through automated teller machines (ATMs); point-of-sale (POS) terminals; Electronic Fund Transfer Act (Reg first Electronic Fund Transfers (Regulation E 11. is referred to herein as the Prepaid Accounts Rule. 1693 et seq.) [18] government benefit account. A government agency must provide the consumer with pre-acquisition disclosures before the consumer acquires a government benefit account. See regulatory information on FederalRegister.gov with the objective of 2036 (codified at 12 U.S.C. 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. In such a scenario, the consumer does not have a choice with respect to how to receive the first payment of the government benefit; rather, with respect to that first payment, the consumer was required to establish an account with the financial institution that issued the prepaid card as a condition of receiving the funds.[25]. This repetition of headings to form internal navigation links This Act (Title IX of the Consumer Credit Protection Act) establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems. Case 2:22-cv-04260 Document 2-2 Filed 07/20/22 Page 2 of 24 PageID #: 209 1693 TITLE 15--COMMERCE AND TRADE Page 188 (iv) contacts any alleged offender referred (6) a check issued to pay an obligation arising 12 CFR 1005.3(a). 1693n. Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. Register documents. Disclosures. Register, and does not replace the official print version or the official These services include: Transfers through automated teller machines (ATMs); Point-of-sale (POS) terminals; Electronic Fund Transfers FAQs 1693b. 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. It also requires notices and creates rights for consumers who send international wire transfers (remittances). Eliott C. Ponte, Counsel, or Kristine M. Andreassen, Senior Counsel, Office of Regulations, at 202-435-7700. 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. Electronic Fund Transfer Act (Reg E) EFTA establishes the rights, liabilities, and responsibilities of consumers and banks with regard to electronic fund transfers and includes requirements with regard to certain overdraft services. 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). 24. Electronic Fund Transfer Act Limited Liability for Unauthorized Transfers and Error Resolution Rights. legal research should verify their results against an official edition of While these accounts do not constitute government benefit accounts as defined in 1005.15(a)(2), the Bureau notes that they may still be prepaid accounts under one of the other prongs of that definition in 1005.2(b)(3). 1693a 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. Civil liability. See This PDF is 1693-1693r . [8], In 1994, the Board amended Regulation E to extend Regulation E's protections to accounts used for the electronic distribution of government benefits (1994 EBT Rule). Source: Reg. eCFR Electronic Fund Transfer Act (Regulation 1693l1. These services include: Transfers through automated teller machines (ATMs); Point-of-sale (POS) terminals; 1693b. 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. 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. 12 CFR 1005.3(b)(1). Waiver of rights. 12 CFR 1005.15(f), 1005.18(f). [10] daily Federal Register on FederalRegister.gov will remain an unofficial The Electronic Fund Transfer Act (EFTA) (15 U.S.C. What transactions are covered by the Electronic Fund Transfer Act and Regulation E? Information about this document as published in the Federal Register. 1693 et seq.) Summary of H.R.3881 - 118th Congress (2023-2024): To amend the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other purposes. 81 FR 83934, 83985 (Nov. 22, 2016). 1693l. This Act (Title IX of the Consumer Credit Protection Act) establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems. 12 CFR 1005.15(c)(2)(i). 14. This bulletin is applicable on February 24, 2022. Start Printed Page 10298 This site displays a prototype of a Web 2.0 version of the daily should verify the contents of the documents against a final, official Electronic Fund Transfer Act (Interagency [22] 2021-CFPB-0006 (Oct. 19, 2021), 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. 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). Remittance Transfers Under the Electronic Fund Transfer Act 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. Source: Reg. Document page views are updated periodically throughout the day and are cumulative counts for this document. The Electronic Fund Transfer Act (EFTA), sometimes referred to as Regulation E or Reg E, is a federal law that provides some guardrails for consumers against fraud and account errors. 3. better and aid in comparing the online edition to the print edition. Electronic Fund Transfer Act, 15 U.S.C. This document has been published in the Federal Register. [7] Applicability. 1005 - Electronic Fund Transfers (Regulation 1693l1. C. Additional Regulation E Protections for Government Benefit Accounts, https://www.federalregister.gov/d/2022-03587, MODS: Government Publishing Office metadata, www.consumerfinance.gov/enforcement/actions/jpay-llc/, www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-payroll-card-accounts/. Electronic Fund Transfer Act (Reg 12 CFR 1005.3(a). 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. 25, 2017) and 83 FR 6364 (Feb. 13, 2018). 22. E, 61 FR 19669, May 2, 1996, unless otherwise noted. Civil liability. Civil liability. CFPB_Accessibility@cfpb.gov. 1693m. 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. Electronic Fund Transfer Act The Electronic Fund Transfer Act (EFTA) (15 U.S.C. X, 124 Stat. The EFTA governs transfers, such as ATM withdrawals, credit and debit card transactions, and electronic checks. Electronic Fund Transfer Act X, section 1084, 124 Stat. 12 CFR 1005.10(e). 12 CFR 1005.7(a). 81 FR 83934 (Nov. 22, 2016). See Electronic Fund Transfer Act Subchapter VI - ELECTRONIC FUND TRANSFERS Electronic Fund Transfer Act 12 CFR 1005.15(c)(1). Electronic Fund Transfer Act 1955 (2010) (12 U.S.C. Electronic Fund Transfer Act (Reg E) EFTA establishes the rights, liabilities, and responsibilities of consumers and banks with regard to electronic fund transfers and includes requirements with regard to certain overdraft services. are To the extent that they are prepaid accounts, the requirements of the Prepaid Accounts Rule apply. See CFPB Bulletin 2013-10 1693 et seq.) Electronic Fund Transfer Act (Interagency [17], The term needs-tested is not defined in EFTA or Regulation E. In the preamble to its 2016 Final Rule, the Bureau identified examples of needs-tested government benefit programs that Federal Register.