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ICB Credit: 2.5 CRCM
Reg E remains in the compliance spotlight and its provisions are the source of many compliance violations. Sometimes you need to pause, take a breath and look at the forest. Join Andy Zavoina on a review of Reg E from disclosures, to requirements the bank has, to claims.
In this webinar we will discuss the basic Reg E requirements and then there will be a focus on claims for unauthorized withdrawals from a customer's account. You have to know when a claim is valid and has to be paid, and when it is not. Otherwise, you are cheating either the bank or the customer.
This session isn't "all you need to know" because Reg E is too complex for that now. Reg E is more than just the investigations of claims for unauthorized use. There are many disclosure requirements including for overdrafts and there are rules for the issuance of an access device, liability disclosures, new gift card rules and contract issues when you offer a branded debit card.
We will review the meat of Reg E, in addition to claims. The disclosures and overdraft opt-in rules will be discussed and we'll explore the claims process so you can determine the cost effectiveness of taking a claim, investigating and going through the necessary steps to communicate with your customer.
What we'll discuss:
- An overview of the overdraft rules and UDAP confusion;
- An overview of the gift card rule;
- Regulatory hotspots: what is being violated and how to avoid it;
- Workflow for Reg E claims;
- Tips and tricks to effectively compute liability for unauthorized withdrawals;
- The definitions that guide the regulation;
- The basic disclosure requirements of Reg E (a UDAP gotcha);
- What is a covered EFT;
- Exceptions and special provisions;
- At what point is it cheaper to just pay the claim?
- What safeguards should be taken to avoid abuse?
- What are the liability limits for unauthorized withdrawals, and;
- Ways Compliance and Audit can audit the process;
- What frontline needs to know about the Reg E disclosures.
This webinar is focused on Reg E and will not address specific ACH rules or card association rules involving merchant chargebacks. These and overdrafts and remittance rules are discussed at length in webinars dedicated to those topics.
Who Should Attend:
Compliance officers, auditors, quality control reviewers, frontline staff involved in disclosing Reg E terms, and those managing claims.
A - Z of Reg E
EFT Unauthorized Withdrawal Workflow Form
SAMPLE EFT ERROR REPORT
Sample EFT NOTICE OF ERROR CLAIM FORM
Questions and Answers