Ensure your error resolution process satisfies regulatory requirements.
Regulation E is a consumer protection regulation implemented by the CFPB to enforce the Electronic Funds Transfer Act. The law and regulation basically make the financial institution liable to the consumer for any unauthorized EFT regardless of the consumer's negligence. The financial institution is required to follow all the provisions of the law and the regulation, including the error resolution procedures, and failure to do so could result in the loss of the amount of the unauthorized EFT but also treble damages.
This topic will help you identify unauthorized EFTs, understand the requirements of and how to comply with the error resolution procedures, how to avoid treble damages, and substantially reduce the potential enforcement actions by a regulatory agency for failure to comply with the EFT Act and Regulation E.
Agenda
Faculty
Paul A. Carrubba
Adams and Reese LLP
- Of Counsel in the law firm of Adams and Reese LLP
- Primary focus is on banking law and legal issues dealing with payments system laws and regulations and bank operations issues
- Over 47 years of experience in the banking industry as a bank operations manager, a consultant, an author, and an attorney
- Published author and co-author of several topics
- Can be contacted at [email protected] or 601-292-0788
Scott Jones
Adams and Reese LLP
- Partner at Adams and Reese LLP
- Over a decade of experience advising financial institutions on risk minimization and best practices for avoiding litigation
- Regularly speaks at payment-related conferences and works with financial institutions throughout the United States on payment systems, payments fraud, and bank operations, including treasury management services, wire transfers, ACH transactions, internet banking, mobile banking, and emerging payment systems
- Can be contacted at [email protected] or 202-478-1226
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