Consumers appreciate the convenience of conducting transactions electronically. This increased ease of access also exposes them, and you as their financial institution, to elevated exposure to account compromise and card fraud. Additional fraud has led to increased error resolution claims. In each of the last several years, examiners have cited Reg E errors in their top five regulatory issues during compliance exams.
In this session, we will detail how to avoid Reg E violations cited by examiners. We will review the specific error resolution requirements of Reg E, discuss procedural best practices, and provide tips on documenting your investigation. 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. 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.
What You’ll Learn
- 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 the 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.