Regulation E establishes the rights, liabilities, and responsibilities of parties in electronic fund transfers (EFTs) and protects consumers using EFT systems. The information is also used to ensure adequate disclosure of basic terms, costs, and rights related to EFT services.
US Code:
15 USC 1693
Name of Law: Electronic Fund Transfer Act
To ease institutions burden and cost of complying with the disclosure requirements of Regulation E (particularly for small entities), the Federal Reserve publishes model forms and disclosure clauses.
Payroll Card Issuers Initial Disclosures, Periodic Disclosures, and Error Resolution Rules (section 205.2(b)(2))
This disclosure is required when one or more parties that meet the definition of Âfinancial institution are involved in offering payroll card accounts as defined in § 205.2(b)(2)  whether the financial institution is an employer, a depository institution, or other third party involved in holding the payroll card account or in the issuance of a payroll card. Such entities would be required to fully comply with Regulation E, and provide disclosure of basic terms, costs, and rights relating to electronic fund transfer services in connection with the payroll card account. The parties may contract among themselves to comply with the regulation by providing one set of disclosures. Certain information must be disclosed to consumers, including: initial and updated EFT terms, transaction information, periodic statements of activity, the consumerÂs potential liability for unauthorized transfers, and error resolution rights and procedures. The disclosures are standardized and machine-generated and do not substantively change from one individual account to another; thus, the average time for providing the disclosure to all consumers would be small.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
RegE_R1247.20060707.omb.doc
RegE_200611_83-c.pdf
Regulation E (Payroll card issuers disclosures (error resolution rules))