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When it comes to unauthorized electronic funds transfers, Regulation E is all about protecting the consumer and limiting their liability in certain instances. Regulation E is not concerned with protecting a financial institution against a loss. That can be a hard pill for some institutions to wrap their minds around. It’s not about you! So, what if a customer is or appears to be negligent in connection with a reported error? Can you increase their liability?

Dave explains more in the video.

 

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Video Highlights:

  • A contract cannot supersede laws and/or regulations.
  • Contracts cannot violate a customer’s rights; therefore, negligence is not a valid basis for imposing liability under Regulation E.
  • The OCC addresses this fact in their Deposit Services Handbook and cautions institutions from doing this.

Published
2023/03/28
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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