Regulation E error resolution rules are tricky! This is also an area that has experienced recent examiner scrutiny. Here’s a question that has come up a couple of times in the last month or so:
Question: When a consumer has received merchandise or a service they authorized via a VISA transaction, but they’re not happy with it, is the bank required to investigate and follow Regulation E?
Answer: No. The bank has no responsibility under Regulation E because the transaction was authorized by the consumer. Regulation E does not have a “satisfaction” provision like Truth in Lending (Regulation Z). Keep in mind; however, since this is a VISA transaction, you must also follow any requirements VISA might impose.
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Published
2021/03/15