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Citation Edit

Regulation E, 12 C.F.R. 205, Electronic Funds Transfers (full-text).

Overview Edit

Regulation E was "promulgated by the Board of Governors of the Federal Reserve System to ensure consumers a minimum level of protection in disputes arising from electronic fund transfers."[1] It applies to electronic transactions that result in a debit or a credit to a consumer asset account. Regulation E provides that credit card account holder liability is limited to $50 (if the card is reported missing within 2 days of discovery) or $500 (if the card is reported missing more than 2 days after discovery). In such cases the remaining part of the claimed loss must be covered by the bank.

Regulation E does not apply to business accounts. Therefore, banks are not required to provide reimbursement for certain losses.

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, App. B: Glossary (full-text).

See also Edit

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