2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
On June 4, 2021, the Consumer Financial Protection Bureau (CFPB) published eight Frequently Asked Questions about Regulation E and unauthorized electronic fund transfers (EFTs) and error resolution. EFTs and error resolution procedures have grown in importance as more errors are asserted by members and more complaints are being lodged by consumers against financial institutions. The FAQs clarify if a third party fraudulently induces a consumer into sharing account access information that is used to initiate an EFT from the consumer’s account, that does meet the definition of an “unauthorized electronic fund transfer” under Regulation E. The FAQs also point out a financial institution may not consider a consumer’s negligence when determining liability for unauthorized electronic fund transfers under Regulation E. In addition, the FAQs state a financial institution may not require a consumer to file a police report as a condition of initiating an error resolution investigation.
To learn more about Regulation E errors, sign up for our upcoming webcast or reach out to a member of our regulatory compliance team.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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