Consumers appreciate the convenience of conducting transactions electronically. This increased ease of access also exposes them and us as their financial institution to elevated exposure to account compromise and card fraud. Regulation E is where we turn to for the rules and regulations governing the error resolution or “dispute” process.
Among its provisions, Regulation E limits consumer liability for unauthorized transfers, and promulgates procedures for the resolution of errors alleged by consumers, including unauthorized and fraudulent ACH and card transactions.
In this session we will review the specific error resolution requirements of Reg E, discuss procedural best practices and provide tips on documenting your investigation. We will dive into the CFPB’s FAQs as well as recent examination findings to identify the errors most commonly made by financial institutions during the error resolution process. In addition, we will detail how to review your error resolution process, including how your audit procedures can help mitigate risk for both the accountholder and your institution.
- Review of consumer liability under Regulation E
- Clarification of what errors trigger the EFT error resolution process
- Explanation of error resolution timing requirements
- Discussion of process to follow when you’ve wrapped up your investigation
- Description of recordkeeping requirements
- Overview of error resolution audit procedures
Who Should Attend
This informative session will benefit operations personnel, compliance officers, risk officers, internal audit and personnel responsible for debit card/ACH transactions.