In June 2021 the CFPB released a Compliance Aid on Reg E. It wasn’t “new” information but was needed and helpful information because many bankers just weren’t getting compliance right. Many of us in the industry said it was good work, but what about real guidance we needed like those Person-2-Person payments that didn’t exist when Reg E was authored. This guidance is intended to assist us in the P2P area.
There are four topic categories, Transaction, Financial Institutions, Error Resolution and Unauthorized EFTs. This guidance will help you understand more about a variety of P2P transaction types and when they will fall under Reg E. There are five FAQs on this topic. There are four on how these P2P payments are to be managed when there is a bank, and a non-bank involved. The basic rules on error resolution are covered in four more FAQs with information on private network rules and an oldie but a goodie, can you require a police report or other documentation for your claim. Last but not least there are 11 FAQs pertaining to Unauthorized EFTs. This is consumer protection after all, and this is a sticky are that impacts the bank’s bottom line directly.
I hope you’ll join me as we explore these new FAQs and how they might impact your bank’s procedures.
This program is not designed to teach the basics of Reg E or claims investigations. It is intended for those who want to verify their understanding of the rules, those who want to comply and not be penalized, and who are familiar with Reg E.
WHO SHOULD ATTEND:
Compliance, audit, EFT dept., Security Officer, Customer Service