In December, the Federal Reserve held an Outlook Live Webinar, “Regulation E – Error Resolution Examiner Insights”, focusing not only on the procedures in §1005.11 for resolving errors but also the circumstances under which a consumer can have liability for an unauthorized transaction, found in §1005.6.
As you likely know, Regulation E doesn’t do financial institutions any favors. It truly focuses on consumer protection. This means, of course, that financial institutions will usually lose. That mere fact may sometimes tempt institutions into finding creative ways to “win”, even when the options are few. As the Federal Reserve reiterated, under The Electronic Funds Transfer Act, the burden of proof is upon the financial institution to show that the electronic fund transaction was authorized…
The Federal Reserve discussed several areas related to error resolution under Regulation E where they are seeing complaints and/or are citing violations. These include:
Whether you are a Federal Reserve Bank or not, we encourage you to take note. You can learn a lot from other banks’ mistakes. Be sure to check out the February edition of our magazine, Banking on BCC, for more insights and information from this Outlook Live webinar.
If you’re looking for training, we have a webinar available NOW, On-Demand, “Regulation E: Errors and Disputes”. Or, we will be hosting this webinar again LIVE on April 21, 2020. Stay tuned to our store for registration information. Regulation E is one of those areas where you’re likely to pick up on something new each time you get to attend training!
Published
2020/02/25
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