In early June 2021 the CFPB released a Compliance Aid on Reg E and electronic fund transfers. This does not contain “new” information or guidance intended to update Reg E and bring it into the 21st century we live in today. But understand that this 8-question FAQ was published because banks were having a difficult time complying with these rules. Banks are being penalized and consumers are being disadvantaged because these 8 rules are not being followed.
In a time of regulation by enforcement your bank needs to decide, does which side of the timeline it wants to be on, the “following the regulation” side, or the “enforcement” side?
We will discuss the finer points of the FAQ and other commonly cited Reg E/EFTA errors. This one-hour program is your opportunity to refine your Reg E procedures to ensure you understand, and can then comply, with the requirements many other banks are having problems with.
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