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Regulation E: Error Resolution Requirements

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.

61 minutes
Course Exam
Certificate of Completion
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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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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

MP3 Download

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

OnDemand Course

This course was last revised on September 29, 2021.

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

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

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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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Product ID: 408993
Published 2021
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