Regulation E establishes the rights, liabilities, and responsibilities of parties in electronic fund transfers (EFTs) and protects consumers using EFT systems. The information is also used to ensure adequate disclosure of basic terms, costs, and rights related to EFT services.
US Code:
15 USC 1693
Name of Law: Electronic Fund Transfer Act
The Federal Reserve is adopting a final rule under Regulation E to assist consumers in understanding how overdraft services provided by their institutions operate. The rule is also intended to ensure that consumers have the opportunity to limit the overdraft costs associated with ATM and one-time debit card transactions, where such services do not meet their needs. The final rule is effective January 19, 2010, with a mandatory compliance date of July 1, 2010,
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
RegE_R1343.20091118.omb.doc
RegE.R1343.20091112.nfrm.pr.pdf
Error resolution (205.11)