The EFTA ensures adequate disclosure
of basic terms, costs, and rights relating to electronic fund
transfer (EFT) services debiting or crediting a consumer’s account.
The disclosures required by the EFTA are triggered by certain
specified events. The disclosures inform consumers about the terms
of the electronic fund transfer service, activity on the account,
potential liability for unauthorized transfers, and the process for
resolving errors. To ease institutions’ burden and cost of
complying with the disclosure requirements of Regulation E
(particularly for small entities), Regulation E includes model
forms and disclosure clauses. Regulation E applies to all financial
institutions. In addition, certain provisions in Regulation E apply
to entities that are not financial institutions, including: those
that act as service providers or automated teller machine (ATM)
operators; merchants and other payees that engage in electronic
check conversion (ECK) transactions, the electronic collection of
returned item fees, or preauthorized transfers; issuers and sellers
of gift cards and gift certificates; and remittance transfer
providers.
US Code:
15
USC 1693b(a) Name of Law: Electronic Fund Transfer Act
US Code: 15 USC 1693b(a) Name of Law:
Electronic Fund Transfer Act
The decrease in burden hours
reflects an update to respondent counts and the removal of one time
burden associated with rule revisions under Docket R-1343 and
Docket R-1377.
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.
FRE_20190128_83c.pdf
Disclosure: Sections 1005.8(b) and 1005.11 - Error resolution