Consumer Bureau Seeking Comments on Regulation E
Credit unions and their trade associations have until Feb. 27 to submit comments on the Consumer Financial Protection Bureau’s revisions of Regulation E, which governs implementation of the Electronic Fund Transfer Act.
The changes are similar to revisions that the Federal Reserve has previously proposed but the CFPB now has responsibility for implementing the measure.
It establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems Last month, CUNA President/CEO Bill Cheney urged acting CFPB director Raj Date to use the agency’s power to revise Reg E to no longer mandate the duplicate notices on the ATM screen or paper and those attached to the outside of the ATM itself.
The CFPB, an independent agency housed inside the Fed, still doesn’t have a permanent director. Last month, the Senate Republicans blocked the confirmation of President Obama’s nominee Richard Cordray.
They have vowed to block any nominee until Democrats agree to structural changes to the agency, along the lines of those approved by the GOP-controlled House.