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60-minute live streaming program
  • September 29
  • 1:00 - 2:00 pm EST

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OnDemand Course

Regulation E: Error Resolution Requirements

September 29

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 makes 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 of the provisions of the law and the regulation, including the error resolutions procedures, and failure to do so could result in the loss 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.

Learning Objectives

  • You will be able to define an electronic fund transfer and an error under error resolution procedure.
  • You will be able to describe error resolution procedures requirements.
  • You will be able to explain what a financial institution must due when a customer notifies a financial institution of an error and when the financial institution must do it.
  • You will be able to identify the financial institution’s liability for failure to comply with the error resolution procedures.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview
  • Regulation E - a Consumer Protection Law
  • Liability of Consumer
  • Error Resolution Procedures
  • Case Law
Liability of Consumer
  • Conditions and Limitation of Liability
  • What Is an EFT?
  • What Is Not an EFT?
Error Resolution Procedures
  • What Is an Error?
  • Financial Institution's Obligation
  • Consumer's Obligation
  • Financial Institution's Liability and Timeframes
  • Treble Damages
Case Law
Conclusion
  • Train Employees
  • Act on Customer Notice of Error
  • Act Timely
  • Document
Questions
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on September 21, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • CPE 1.2 including Specialized Knowledge 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for branch managers, loan officers, loan department personnel, credit and collection managers, controllers, business executives, accountants, and real estate professionals.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Paul A. Carrubba

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 601-292-0788 or [email protected]
Scott Jones

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 202-478-1226 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408993
Published 2016, 2021
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