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Electronic Fund Transfers

Fed · final-rule · Published 2006-08-30 · Effective 2007-01-01 · 71 FR 51451

Document

Document number
E6-14342
Federal Register citation
71 FR 51451
CFR reference
12 CFR 205
Type
Rule
Action
Interim final rule; request for public comment.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2006-08-30
Effective date
2007-01-01
Docket
Regulation E

Abstract

The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The amendments clarify that the requirement to obtain a consumer's authorization to collect a service fee for insufficient or uncollected funds through an electronic debit to the consumer's account applies to any person that intends to collect the fee in that manner. The amendments also clarify notice requirements for electronic check conversion transactions and for collecting insufficient funds fees electronically. This interim final rule, for which the Board is seeking comment, will supersede the corresponding provisions of the January 2006 final rule that addressed these topics.

Source

Authoritative
Federal Register document
Machine
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