Will the CFPB change Reg E? Nobody knows. We do know enforcement attitudes are changing but that doesn’t mean your bank doesn’t have to follow the rules. You need to know the rules to comply and to manage risks. This is and A to Z of Reg E. While ACH and credit card rules may be mentioned as to how they interface with Reg E, we will not discuss those rules.

We will discuss claims in great detail with practical application examples in part two of this two-part series. All registrants will have the newest version of Andy’s “Reg E Calendar and Liability Calculator,” Excel tool available.

Your materials will be a comprehensive resource for future reference so they are complete, but because of time limitations we will not discuss speciality areas which are in italics shown on your outline. These include prepaid accounts, gift cards, and remittance transfer rules.

1)     Overview

a)     Certifying Agency

b)     Regulation

c)     Recent Revisions

2)     Purpose

a)     Authority

b)     Purpose

c)     Burden of Proof

3)     DEFINITIONS

a)     Access Device

b)     Account

c)     Business Day

d)     Consumer

i)        Unauthorized Electronic Fund Transfer

4)     COVERAGE

a)     General

b)     Business Accounts

c)     Checks

d)     Wire Transfers

e)     Bill Payment Programs

5)     DISCLOSURES

a)     Form of Disclosure

b)     Multiple Account Holders

c)     Timing

d)     Content

6)     ISSUANCE OF ACCESS DEVICES

a)     Solicited

b)     Unsolicited

7)     CHANGE IN TERMS

a)     Notice Requirement

b)     Error Resolution Notice

8)     RECEIPTS

a)     Content

9)     STATEMENTS

a)     Periodic Statements

b)     Exceptions

10)            PREAUTHORIZED TRANSFERS

a)     Preauthorized Transfers to an Account

b)     Written Authorization

c)     Stop Payments Notices

d)     Required Use

11)            RETENTION

a)     Record Retention Period

b)     Enforcement Proceedings

12)            DISCLOSURES AT ATMs

a)     General Requirement

b)     On Screen or Paper

c)     Opt-Out

13)            LIABILITY

a)     Accepted Access Device

b)     Timely Notice

c)     Untimely Notice

d)     Claim Example of Tier 1 & 2, Untimely Notice

e)     Statement + 60 Day Rule

f)       Extensions

g)     Time of Notice

h)     Notice From a Third Party and Content

14)            ERROR RESOLUTION

a)     Errors Described

b)     Notice of Error

c)     Investigation Periods

d)     Investigation Tips

e)     Additional

f)       Denied Claims

g)     Reassertion of Error

h)     Disclosures

15)            EFT SERVICE PROVIDER NOT HOLDING CONSUMER’S ACCOUNT

a)     Liability Shift

16)            REQUIREMENTS FOR OVERDRAFT SERVICES

a)     Definition of “Overdraft Service”

b)     Opt-In Requirement

c)     Arm-Twisting Not Allowed

d)     Same Account Terms, Conditions and Features

17)            REQUIREMENTS FOR FINANCIAL INSTITUTIONS OFFERING PREPAID ACCOUNTS

a)     Overview

b)     Access Device Issuance

c)     Disclosures

18)            INTERNET POSTING OF PREPAID ACCOUNT AGREEMENTS

a)     Definitions

b)     Agreements Submitted to the CFPB

 

19)            GIFT CARDS AND GIFT CERTIFICATES

a)     Definitions Disclosures

 

20)            REMITTANCE TRANSFERS

a)     Overview

b)     Effective Date

c)     Coverage

d)     Definition Of “Error” For This Part

e)     Not An Error

f)       Examples Of Incorrect Amount of Currency Received (Comment 33(A)-3, 4)

g)     Incorrect Amount of Currency Received—Extraordinary Circumstances.

h)     Failure To Make Funds Available by Disclosed Date of Availability — Coverage & Extraordinary Circumstances (Comment 33(A)-5,6) Notice of Error

i)        Time Limits and Extent of Investigation.

j)        If No Error Occurred

k)     Reassertion of Error

21)            PENALTIES

a)     Civil Money Penalties Criminal