Regulation E - Basics and Error Resolution

Financial institutions have responsibilities and liabilities under Regulation E for consumer accounts when there are unauthorized transactions. However, the consumer account holder has some liability too. This webinar training will explore the limits of liability and help attendees understand who is liable for what amount, aided by real-life scenarios.

What is the error resolution process for a consumer communicating with the financial institution and the research time, plus the timing of providing provisional credit and then “what if” there is no error, what are the guidelines for providing notice to consumers and overdraft protection when the provisional credit is reversed?

What are the maximum liability amounts that the consumer is liable for when they experience the loss of a debit card?

This webinar will address several intriguing questions and use real-life scenarios to demonstrate how Regulation E is applied for an error on the consumer statement to the loss of a debit card. This is a must-attend to help you see Regulation E error resolution in a simple format and demonstration.

• Regulation E compliance tips when handling unauthorized transactions
• Definitions for consumer accounts, access devices, electronic terminals, and more
• Timeframes for consumers when reporting errors to the financial institution
• Consumer liability and responsibility for unauthorized transactions
• Loss or theft of debit card and liability of which party for those transactions not authorized
• Financial institution liability and responsibility when handling errors in consumer accounts
• Define Regulation E, what it is, and who this applies to in the ACH network and card world
• Provide the meaning to Reg E terms such as consumer account and access device
• List the steps involved in the Reg E error resolution process for electronic fund transfers (EFTs)
• Identify what happens when the consumer experiences the loss of a debit card (who’s responsible for what?)
• Illustrate examples of how to handle specific types of unauthorized transactions relative to Reg E
• Describe when and to whom a specific party is liable (financial institution and/or consumer) by using specific examples

Regulation E, established by the Consumer Financial Protection Bureau (CFPB), governs electronic fund transfers (EFTs) to protect consumers engaging in transactions such as debit card payments, ATM withdrawals, and direct deposits. It sets rules for disclosures, transaction limits, and error resolution processes. When consumers report errors, such as unauthorized transactions or incorrect charges, Regulation E mandates financial institutions to investigate and resolve these issues promptly, typically within 10 business days, and provide provisional credit while the investigation is underway. This regulation ensures transparency, security, and fairness in electronic banking.

Host or Publisher SkillPreceptor