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| How to Keep Up with Annual, Periodic Error Resolution Notices |
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NAFCU Regulatory Compliance Specialist Alma Calcano, in a new post on the Compliance Blog, covers error resolution notice provisions for annual and periodic notices under Regulation E.
"Regulation E, which implements the Electronic Fund Transfer Act (EFTA), specifies procedures that credit unions must follow for investigating and resolving errors alleged by members for electronic fund transfers (EFTs), such as an unauthorized ATM withdrawal," writes Calcano.
In the blog, Calcano gives an overview of a variety of notice provisions under Regulation E, including:
• annual and periodic notice requirements;
• content of the notice;
• change/switch between annual and periodic notice; and
• a refresher on error resolution procedures.
Additionally, Calcano details what constitutes an error under section 1005.11(a) of Regulation E, noting that "the term error does not include routine inquiries about a member’s account balance, requests for information for tax or other recordkeeping purposes, or requests for duplicate copies of documentation."
Copyright 2019. NAFCU. (link) |
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