Regulation E
English
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122 mins!
Finish in
122 mins!
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Employees
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What you'll learn
Changes in July 2010
Regulation E: Overview
Regulation E: Electronic Check Conversion
Regulation E: Disclosures Part 1
Regulation E: Disclosures Part 2
Regulation E: Electronic Transaction Overdraft Services Opt-In
Regulation E: Issuance of Access Devices
Regulation E: Error Resolution and Consumer Liability Part 1
Regulation E: Error Resolution and Consumer Liability Part 2
Regulation E: Error Resolution and Consumer Liability Part 3
Regulation E: Receipts and Periodic Statements
Regulation E: Preauthorized Transfers
Regulation E: The Prepaid Rule Part 1
Regulation E: The Prepaid Rule Part 2
Skills covered in this course
Description
The Federal Reserve Board amended Regulation E in November 2009 to limit the ability of an FI to assess an overdraft fee for paying ATM and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts-in, to the institution's payment of overdrafts for these transactions. These changes take effect on July 1, 2010.
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• Windows 7 and newer
• Mac OS 10 and newer
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Author
Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
Regulation E
Changes in July 2010
The Federal Reserve Board amended Regulation E in November 2009 to limit the ability of an FI to assess an overdraft fee for paying ATM and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts-in, to the institution's payment of overdrafts for these transactions. These changes take effect on July 1, 2010.
Regulation E: Overview
Technological advancements in the financial industry have provided much greater convenience and improved financial management and communication. The downside to these improvements is the increase in fraudulent activities, impacting both financial institutions and their customers. To safeguard against fraud, a set of rules was established by federal banking regulators known as Regulation E, or Reg E. These rules implement the Electronic Funds Transfer Act. In this course, we'll discuss the heart of Reg E. We'll go over the the important information financial institutions must disclose to their consumers, guidelines regarding when access devices, such as debit cards, may be issued, the extent of a consumer or bank's liability when there are errors, electronic transaction overdraft protections, guidelines for receipts and periodic statements, as well as information about prepaid account rules.
Regulation E: Electronic Check Conversion
It wasn't long ago that when a person wrote a personal check, the recipient deposited the check and the check was processed manually. The process could take days to complete, which meant the deposit had to wait for the funds to clear. Today, new technology has eliminated much of the delay by turning a paper check into an electronic transfer, also known as an electronic check or e-check. In this course, we'll look at electronic check conversions, or ECKs, and how they're covered under Regulation E. We'll talk about ECK transactions, MICR encoding, consumer authorization, and payee responsibilities.
Regulation E: 03. Disclosures Part 1
We know that Regulation E implements the Electronic Funds Transfer Act, the types of transfers the regulation does and does not protect, and why it's important as a financial institution to adhere to the guidelines. Regulation E also sets forth 11 disclosures, so in this course, we'll take a look at these individually so you can understand what a financial institution is required to disclose to its customers. One of the most important acts of compliance is to promptly and accurately communicate the content of these disclosures, so we'll also discuss disclosure requirements, including formatting, options, timing, and content.
Regulation E: Disclosures Part 2
In the Disclosures Part 1 video, you learned about the general requirements for disclosures and how they need to be formatted, what needs to be included, as well as the actual content of the disclosures themselves. In this video, we're going to focus on four specific disclosures: those involving changes to terms, ATM fees, overdraft service fees, and gift cards.
Regulation E: Electronic Transaction Overdraft Services Opt-In
Prior to July 2010, if a consumer did not have enough funds to cover an electronic transaction, the bank or credit union would allow the transaction, cover it, and consequently charge a fee, without asking the consumer's consent. Consumers didn't like that and expected the transactions to simply be denied if their account had insufficient funds. As a result, Regulation E was amended to state that consumers must opt-in for this coverage. Let's take a look at what this protection means to consumers and their Financial Institutions.
Regulation E: Error Resolution and Consumer Liability Part 1
Errors will happen and Regulation E specifically outlines how FIs should handle these instances. In this program, we'll discuss what constitutes an error, and what is not considered erroneous. We'll also talk about how a financial institution should investigate an error once one has been reported, including knowing what information needs to be gathered, and how quickly they need it by. Lastly, we'll walk viewers through the thorough, four-step resolution process.
Regulation E: 06. Issuance of Access Devices
Under Regulation E, an access device is a card, code, or other means of access to a consumer's account that may be used by the consumer to initiate electronic funds transfers (EFTs). Recognizable forms would be your debit card or personal identification number (PIN) used to access internet banking to initiate a transfer. In this program, we'll talk about the issuance of access devices and what's required under Regulation E.
Regulation E: Error Resolution and Consumer Liability Part 2
In the first Error Resolution and Consumer Liability video, you learned how to conduct an investigation if a consumer reports an error. In this course, we will look at what a consumer's level of liability is, based on the circumstances. Regulation E addresses consumer liability based on whether or not an access device was involved, so in this video, we will look at the levels of consumer liability when an access device IS involved. We'll discuss the different tiers of liability and what determines liability. Also throughout this program, we'll go over some real-life scenarios to help you understand how consumer liability really works.
Regulation E: Error Resolution and Consumer Liability Part 3
In the first Error Resolution and Consumer Liability video, you learned how to conduct an investigation if a consumer reports an error. Then, we looked at the levels of consumer liability when an access device is involved. In this program, we'll look at the tiers of consumer liability with transactions that do not involve an access device and walk you through some real-life examples to help you understand consumer liability.
Regulation E: Receipts and Periodic Statements
Regulation E was created for the protection of consumers. Two methods that consumers use to keep track of valid purchases and transfers are the review of periodic statements and the review of receipts of EFT transactions. For this reason, Reg E covers the importance of these documents. In this course, we'll talk about what must be included on these documents, and where, to ensure consumers are fully informed about their EFTs. We'll talk about terminal receipt requirements and any exceptions to these rules. We'll also go over periodic statement requirements and the list of exceptions to those.
Regulation E: Preauthorized Transfers
A preauthorized electronic fund transfer is an EFT authorized in advance to recur at regular intervals. It could either be a credit to, or a debit from, and account. Examples would include your paycheck getting directly deposited. A preauthorized debit might be automatic monthly bill pay for your water bill. In this course, we'll look at what Regulation E has to say about these types of repetitive, preauthorized transfers. We'll go over the rules for when money is transferring either to or from a consumer's account. We'll also talk about stopping payments and notice of transfers in varying amounts.
Regulation E: The Prepaid Rule Part 1
Prepaid cards are hugely popular. Because they're so widely accessible, Regulation E was expanded to include protection for prepaid accounts. New rules have been amended to handle periodic statements for prepaid cards, pre-acquisition disclosures, changes in error resolution and liability limitations, as well as fee schedules. In Part 1 of the Prepaid Rule, we'll talk about which accounts and cards are covered, and which ones are not. We'll talk about error resolution and liability limitations, and exceptions for unverified prepaid accounts. Lastly, we'll discuss the required changes for periodic statements and alternatives.
Regulation E: The Prepaid Rule Part 2
In The Prepaid Rule - Part 1, we looked at what the Prepaid Rule is, discussed which accounts are and aren't protected by the new rules, and how the rule affects error resolution and liability. In this program, we'll look at pre-acquisition disclosures, their formatting, and content requirements. We'll also go over hybrid-prepaid credit cards and where to find helpful resources regarding the Prepaid Rule.