Regulation E establishes the rights,
liabilities, and responsibilities of parties in electronic fund
transfers (EFTs) and protects consumers using EFT systems. The
information is also used to ensure adequate disclosure of basic
terms, costs, and rights related to EFT services.
US Code:
15
USC 1693 Name of Law: Electronic Fund Transfer Act
To ease institutions burden
and cost of complying with the disclosure requirements of
Regulation E (particularly for small entities), the Federal Reserve
publishes model forms and disclosure clauses. Payroll Card Issuers
Initial Disclosures, Periodic Disclosures, and Error Resolution
Rules (section 205.2(b)(2)) This disclosure is required when one or
more parties that meet the definition of financial institution
are involved in offering payroll card accounts as defined in §
205.2(b)(2) whether the financial institution is an employer, a
depository institution, or other third party involved in holding
the payroll card account or in the issuance of a payroll card. Such
entities would be required to fully comply with Regulation E, and
provide disclosure of basic terms, costs, and rights relating to
electronic fund transfer services in connection with the payroll
card account. The parties may contract among themselves to comply
with the regulation by providing one set of disclosures. Certain
information must be disclosed to consumers, including: initial and
updated EFT terms, transaction information, periodic statements of
activity, the consumers potential liability for unauthorized
transfers, and error resolution rights and procedures. The
disclosures are standardized and machine-generated and do not
substantively change from one individual account to another; thus,
the average time for providing the disclosure to all consumers
would be small.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
John Schmidt 202-728-5859
john.schmidt@frb.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
RegE.20060824.PR.PDF
RegE_R1265.20061227.omb.doc
Regulation E (Payroll card issuers disclosures (error resolution rules))