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Washington
CFPB wants comment Should EFTA rules change
WASHINGTON (12/29/11)--Should Regulation E, which implements the Electronic Funds Transfer Act (EFTA), be revised, and, if so, in what ways?  That is the latest topic for which the Consumer Financial Protection Board (CFPB) is seeking comment.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, oversight and enforcement of EFTA was transferred to the CFPB, as was authority over a number of other rules that were formerly under the purview of the other federal financial regulators.

The CFBP issued an EFTA interim final rule, substantially similar to existing rules, and seeks comment until Feb. 27, 2012. The interim rule becomes effective Dec. 30.

Other rules that are newly under CFPB oversight include:

  • Truth in Savings (regulation DD);
  • Fair Credit Reporting (Regulation V);
  • Privacy of Consumer Financial Information (Regulation P);
  • Equal Credit Opportunity (Regulation B); and
  • Interstate Land Sales Registration Program (Regulations J, K, and L).
Use the resource link to access the CFPB's request for Reg E comment.
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