For immediate release

The Federal Reserve Board today published a final rule amending Regulation E, Electronic Fund Transfers, to revise the time periods for investigating errors involving point-of-sale (POS) debit cards, foreign transactions, and new accounts. For POS and foreign transactions, the rule requires a financial institution to provisionally credit an account within 10 business days (rather than 20) and leaves in place the 90 calendar day period to complete the investigation. For new accounts, the rule allows a financial institution 20 business days to resolve an alleged error before it must provisionally credit the consumer's account and up to 90 calendar days to complete the investigation. The Board also is publishing final amendments to Regulation DD, Truth in Savings, and Regulation M, Consumer Leasing. The revisions to Regulation DD implement minor changes to the Truth in Savings Act concerning lobby signs and certain disclosures for automatically renewable time accounts, such as certificates of deposit. The Regulation M revisions clarify rules on lease payments, advertisements, and rounding calculations. The Board's notices are attached.

Summaries only

Regulation E final rule (26 KB PDF)

Regulation M final rule (23 KB PDF)

Regulation DD final rule (17 KB PDF)

1998 Banking and consumer regulatory policy