The updated compliance resource includes details on liability and guidelines for investigating and resolving errors.
6/9/2021 11:00
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.