Transcription of Regulation E Electronic Fund Transfer Act
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Regulation E Electronic Fund Transfer Act
Regulation EElectronic fund Transfer ActThe Electronic fund Transfer Act (EFTA) (15 seq.) of 1978 is intended to protectindividual consumers engaging in Electronic fundtransfers (EFTs) and remittance transfers. Theseservices include transfers through automated teller machines(ATMs); point-of-sale (POS) terminals; automated clearinghouse (ACH) systems; telephone bill-payment plans in which periodic orrecurring transfers are contemplated; remote banking programs; and remittance EFTA is implemented through Regulation E,which includes official 2009, the federal reserve Board (Board)amended Regulation E to prohibit institutions fromcharging overdraft fees for ATM and one-time debitcard transactions, unless the consumer opts in oraffirmatively consents to the institution s overdraftservices (74 Fed. Reg. 59033 (Nov. 17, 2009) and75 Fed. Reg. 31665 (June 4, 2010)).
The Dodd−Frank Wall Street Reform and Con-sumer Protection Act (Dodd−Frank Act) transferred rulemaking authority under the EFTA from the Board of Governors of the Federal Reserve System to the Consumer Financial Protection Bureau (CFPB).2, 3 The Dodd−Frank Act also amended the EFTA and created a new system of consumer
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