REVISIONS TO STAFF COMMENTARY ON REGULATION E.The Federal Reserve Board on March 13, 2001, published revisions to the Regulation E (Electronic Fund Transfers) Official Staff Commentary, which applies and interprets the requirements of the regulation. The effective date is March 15, 2001; however, to allow time for any necessary operational changes, the mandatory Peremptory; obligatory; required; that which must be subscribed to or obeyed. Mandatory statutes are those that require, as opposed to permit, a particular course of action. compliance date is January January: see month. 1, 2002. The revisions provide guidance on electronic check conversion transactions when a consumer authorizes the use of a check to capture information for initiating an electronic debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. from the consumer's account. Guidance is also provided on electronic authorizations permitting recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. debits from a consumer's account and on other issues. The commentary is intended to help financial institutions comply with Regulation E when they offer electronic fund transfer services to consumers. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion