Reg E Decoded: A Workshop on Electronic Funds Transfer Regulations
A recent Federal Reserve survey found that debit card fraud accounted for 39% of all fraud losses at financial institutions last year. Debit card usage is at an all-time high and this increased use exposes both your accountholder and you, their financial institution, to elevated exposure to account compromise and card fraud. To add insult to injury in each of the last several years, examiners have cited Reg E errors, specifically issues involving the error resolution process at financial institutions, in their top five regulatory issues during compliance exams.
What You’ll Learn
Clarification of a Reg E “Error”: What errors trigger the EFT error resolution process and a review of consumer liability under the regulation.
Understanding Consumer Liability Under Reg E: What determines how much a consumer may be held liable for when an error occurs.
Breakdown of the Error Resolution Process: A review of error resolution timing requirements and discussion of the process to follow when you’ve wrapped up your investigation.
Review of Current Fraud and Scams: A thorough review of red flags for common types of fraud and scams facing your bank and its accountholders.
Workshopping “Real Life” Errors: You will be broken out into groups to work through “real life” situations and discuss how to apply your error resolution processes for each
Who Should Attend
This informative session will benefit operations personnel, compliance officers, risk officers, funds transfer personnel, internal audit, and personnel responsible for debit card/ACH transactions.
