On 6/4/2021, the Consumer Financial Protection Bureau (CFPB) issued a set of frequently asked questions (FAQs) under the topic of “Unauthorized Electronic Fund Transfers, Subpart A to Regulation E.” This FAQs provide guidance on several areas financial institutions have struggled with over the years, including topics like determining how to handle instances where consumer share account access information with third parties who fraudulently obtain the information, consumer negligence, private network rules, and requiring police reports. These FAQs appear to be the first of several topics, so compliance professionals should stay tuned over the next few years to see if more Reg E FAQs are released by the CFPB.
The new set of FAQs can be found here.