Electronic Fund Transfers Act and Regulation E
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Electronic Fund Transfers Act provides consumers with rights, liabilities, and responsibilities that offer electronic fund transfer services. Since regulation E came into existence, there have been a lot of changes due to technology, consumers, businesses and more.
On December 13, the Consumer Financial Protection Bureau updated its FAQs on electronic fund transfers. You must incorporate this guidance as you set your 2022 policies and procedures. We will explore all aspects of regulation E, plus discuss how this rule impacts your day-to-day responsibilities. You will learn how to comply with the Electronic Fund Transfers Act In 2022.
The Electronic Fund Transfers Act establishes the rights, liabilities, and responsibilities of financial institutions that offer electronic fund transfer services. Implemented by Regulation E, this law requires disclosures and procedures that protect consumers and their funds. This is an important part of our economy and of course, the regulatory world.
This Act (Title IX of the Consumer Credit Protection Act) defines the rights, liabilities, and responsibilities of electronic fund transfer system participants. The Act requires financial institutions to follow certain practices in areas such as transaction accounting and error resolution, as well as to have certain procedures in place for preauthorized transfers. It also establishes liability limits for losses caused by unauthorized transfers.
This webinar will focus on the background of Electronic Fund Transfers Act, as well as recent developments that affect electronic transfers.
We will also cover disclosures, error resolution, gifts and the examination side.
Justin brings over 20 years of wide-arranging experience in compliance, training and regulations. Most recently, he served as Head of Compliance Training at Bank of China where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously he served as Macquarie Group’s Head of Americas Compliance Training and JPMorgan Chase’s Compliance Training Manager.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. Some of his vast areas of expertise are : Compliance training programs, managing regulatory projects, lasing with regulators, and identifying gaps/opportunities for improvements in risk mitigation.
