Regulation E Policy Update

Regulation E Policy Template Update - 09/20/06

Bankpolicies.com is proud to announce the immediate availability of our revised Regulation E Policy Template product.

The revision to this product is in response to the Federal Reserve's Press Release dated August 24, 2006 that announces the final rule with respect to payroll card accounts that are covered by Regulation E. The final rule grants flexibility to financial institutions that must provide account transaction information to payroll card users.

This final rule is effective July 1, 2007.

In addition, this product was also revised to reflect an interim final rule to provide additional clarification regarding Regulation E's coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions.

The effective date for the interim final rule is January 1, 2007, consistent with a previously issued January 2006 final rule; however, certain provisions regarding the fee disclosures will have a delayed compliance date of January 1, 2008.

http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20060824/default.htm

What's Revised

Topic 3 - Definitions. The "Account" definition was revised.

Topic 4 - Regulation E Requirements. The following subtopics were revised:

Electronic Fund Transfer Using Information from a Check. The paragraph of item 1. (General Requirements) was revised.

Collection of Service Fees via Electronic Fund Transfer. This subtopic was completely revised.

Topic 6 - Payroll Card Accounts. Two new subtopics entitled "Issuance of Access Device" and "Application to Employers and Service Providers" were added.

The "Alternative to Periodic Statement Requirements" subtopic was revised by adding two paragraphs at the end further clarifying history requirements.

The "Initial Disclosure Requirements" subtopic was revised by:

1. Including an additional paragraph under item 1. (Account Information) further defining electronic access requirements.

2. Including two additional paragraphs under item 2. (Error Resolution) further defining error resolution requirements.

The "Annual Error Resolution Notice Requirement" subtopic was revised by adding additional electronic and written history requirement clarifications.

The "Limitations on Liability" subtopic was revised by adding a paragraph at the end limiting the consumer's liability for an unauthorized transfer.

The "Error Resolution" subtopic was revised by adding a paragraph that incorporates compliance under the 120 day investigation period.

Regulation E Sample Payroll Card Account Disclosure Form Template. The third paragraph contains a minor revision.

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$250.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased our Regulation E Policy Template including the following prior update:

Regulation E Policy Template Update - 01/18/06 - $100.00

If you have ordered this product after 08/20/06 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the update or list price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

Find Out What's New with our Product Update Program

Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product.

How does it work? Clients who previously purchased the product are offered an "update" via e-mail at a substantial discount off the current list price, whereas clients who have not are provided an opportunity to get it hot off the press! Additionally, clients who have ordered the product from us within the past 30 days are eligible to receive the update for free!

Do our various discounts apply? Yes! All of our discount programs (Standard Volume and Legacy Rewards Program - refer to our Special Offers page) can be applied to your Product Update Program order.

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