WASHINGTON -- The Federal Reserve's effort to update funds transfer rules could sound the death knell for state-run electronic benefit transfer programs, according to one program director.

"We're calling Reg E an unfunded mandate," said Dale Brown, project director for Maryland's pilot electronic benefit transfer program. The Fed's Regulation E governs electronic funds transfers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.