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Latest Compliance Monitor covers Reg E and P2P payments, USAA litigation update, more
The newest edition of NAFCU's Compliance Monitor – a member-only, digital compliance resource – features a breakdown of Regulation E and peer-to-peer (P2P) payments.
The article, "Regulation E and Peer-to-Peer Payments," reviews P2P payment platforms and their relation to Regulation E consumer protections and electronic fund transfers (EFT). The article states Regulation E’s investigative requirement and liability standards will likely only apply to a P2P if the underlying payment is first determined to be an EFT and subsequently unauthorized EFT or another error under Regulation.
The article outlines factual circumstances with the hope of highlighting important Regulation E themes and helping compliance professionals understand how Regulation E may apply to emerging payment technology.
In addition, the Compliance Monitor features an update on USAA litigation efforts regarding patent infringement of its remote deposit capture technology and the latest on CFPB circulars – a new tool to “promote consistency among enforcers and fair competition in the market.”
NAFCU encourages members to check out the compliance calendar to view the latest credit union regulatory compliance requirement deadlines. The association's award-winning Regulatory Compliance Team publishes several other resources in addition to the Compliance Monitor to keep credit unions informed of the latest regulatory developments.