CFPB Issues FAQ on Electronic Fund Transfer Error Resolution

The updated compliance resource includes details on liability and guidelines for investigating and resolving errors.

6/9/2021 10:00 AM

ComplianceEFTNewsPayment Processing / Online PaymentsPaymentsCFPB
CFPB Issues FAQ on Electronic Fund Transfer Error Resolution

The Consumer Financial Protection Bureau has issued updated compliance FAQ outlining the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act (EFTA) and Regulation E.

The unauthorized transfer and error resolution provisions under the EFTA and Regulation E include “situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation,” according to the CFPB’s compliance notice.

ACA International members using electronic fund transfers should review the FAQ, which cover liability for unauthorized electronic fund transfers under Regulation E and guidelines for error resolution investigations.

More information for members is also available in the ACA SearchPoint® document on Regulation E and the CFPB’s Electronic Fund Transfers webpage.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

CFPB Issues FAQ on Electronic Fund Transfer Error Resolution

The Consumer Financial Protection Bureau has issued updated compliance FAQ outlining the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act (EFTA) and Regulation E.

The unauthorized transfer and error resolution provisions under the EFTA and Regulation E include “situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation,” according to the CFPB’s compliance notice.

ACA International members using electronic fund transfers should review the FAQ, which cover liability for unauthorized electronic fund transfers under Regulation E and guidelines for error resolution investigations.

More information for members is also available in the ACA SearchPoint® document on Regulation E and the CFPB’s Electronic Fund Transfers webpage.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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