WASHINGTON – The Consumer Financial Protection Bureau is seeking comments on whether and how to revise Regulation E, which governs implementation of the Electronic Fund Transfer Act.
The Dodd-Frank Act transferred the authority over EFT Act to the bureau, which has been republishing regulations inherited from other agencies to see how they should be changed.
The bureau’s interim final rule is substantially similar to the original Reg E proposed and finalized by the Federal Reserve Board. Comments on the regulation are due by Feb. 27.
The EFT Act of 1978 is designed to protect consumers conducting debit card and other electronic funds transfers, including transfers through ATMs, point-of-sale terminals, automated clearinghouse systems, telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remote-banking programs.
Last month, consumer groups banded together to urge the bureau to require prepaid debit card issuers provide consumers with the same mandatory protections that come with traditional debit cards under Reg E (
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