Federal Reserve Release, Press Release; image with eagle logo links to home page
Release Date: March 13, 2001

For immediate release

The Federal Reserve Board today published revisions to the Regulation E (Electronic Fund Transfers) Official Staff Commentary, which applies and interprets the requirements of the regulation.

The effective date is March 15, 2001; however, to allow time for any necessary operational changes, the mandatory compliance date is January 1, 2002.

The revisions provide guidance on electronic check conversion transactions when a consumer authorizes the use of a check to capture information for initiating an electronic debit from the consumerís account. Guidance is also provided on electronic authorizations permitting recurring debits from a consumerís account and other issues. The commentary is intended to help financial institutions comply with Regulation E when they offer electronic fund transfer services to consumers.

The Boardís notice is attached.

Attachment (148 KB PDF)

2001 Banking and consumer regulatory policy

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Last update: March 13, 2001