Buckley Webcasts

Buckley Webcast: Regulatory scrutiny of EFTA tightens

Regulators are increasingly scrutinizing financial institutions’ compliance with the Electronic Fund Transfer Act (EFTA), and its implementing regulation, Regulation E, which protect consumers engaging in electronic funds transfers (EFTs) and remittance transfers. The EFTA and Regulation E provide the legal framework that financial institutions and others offering EFTs and remittance transfers must follow when offering these services to consumers. While the financial service industry has seen significant innovation in deposit and payment-related products and services, and a broad shift in how consumers access their funds and make payments in the 40 years since the EFTA and Regulation E were introduced, the changes to the law and regulation have not kept pace with such innovation. However, any lag has not stopped regulators, particularly the CFPB, from paying close attention to the requirements imposed by the EFTA and Regulation E on financial institutions.

Buckley attorneys Kari Hall and Edward Somers discussed several key aspects of the EFTA and Regulation E, and provided takeaways and insights into areas in which regulators have recently focused, and how financial institutions can mitigate potential compliance risks.

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