|For immediate release|
The Federal Reserve Board today published proposed revisions to the Regulation E (Electronic Fund Transfers) Official Staff Commentary, which applies and interprets the requirements of the regulation.
Comments are due by August 31, 2000.
The proposed revisions provide guidance on electronic check conversion transactions that occur, for example, when a check is scanned at point of sale for information to initiate an electronic debit from a consumer's account. Additional guidance is provided on electronic authorizations permitting recurring debits from a consumer's account, as well as other issues. The commentary is intended to help financial institutions comply with Regulation E when they offer electronic fund transfer services to consumers.
The Board's notice is attached.
2000 Banking and consumer regulatory policy