One very common misconception, when it comes to Regulation E error resolution is the idea that if a customer makes a claim more than 60 days after the error occurred, an institution has no liability. This is, of course, incorrect and is addressed in the CFPB’s Electronic Fund Transfers FAQs. Error Resolution FAQ #3 states …For example, some network rules require consumers to provide notice of an error within 60 days of the date of the transaction, even though Regulation E, 12 CFR 1005.11(b)(1)(i), allows consumers to provide notice within 60 days after the institution sends the periodic statement showing the unauthorized transaction… The Bureau discussed instances where examiners found financial institutions had violated the 60-day notice requirement in the Summer 2020 Edition of its Supervisory Highlights.
Kevin explains this and a few more misconceptions in the video.
Published
2025/12/04
