Newsroom

January 02, 2012

CFPB seeks Reg E comments

The Consumer Financial Protection Bureau asking for comments on how its interim final rule for Regulation E, which implements the Electronic Transfer Act, could be revised in line with the bureau's earlier notice regarding efforts to identify outdated or burdensome regulations.

The CFPB's interim final rule, which was published in the Dec. 27 Federal Register, is considerably similar to the Federal Reserve Board's Reg E. It went into effect Dec. 30, 2011.

The Dodd-Frank Act transferred the Fed's rulemaking authority for the Electronic Fund Transfer Act to the CFPB. The bureau said the interim final rule makes technical changes to the Fed rule and will not impose any substantive obligations on regulated institutions.

Comments are due to the CFPB by Feb. 27.