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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 compliance date is January 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 from the consumer's account. Guidance is also provided on electronic authorizations permitting recurring 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.
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Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2001
Words:122
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