Last Friday, the CFPB issued Electronic Fund Transfers (EFT) Frequently Asked Questions (FAQs). The FAQs address the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation.

These FAQs are published on the EFT compliance aid webpage. This webpage will serve as an access point to materials such as compliance aids, supervisory guidance, and any additional guidance the CFPB issues regarding EFTs.

You can access the EFT FAQs here.

You can access the EFT compliance aid resource page here.

Please contact CCI with any EFT or general deposit compliance questions.

Sincerely,

Sarah Smith, CRCM, CAFP