Consumer compliance outlook: Effect of late notices of error and billing error notices

by David Park, NAFCU Compliance Blog

The Federal Reserve System published the most recent edition of the Consumer Compliance Outlook at the end of July. The edition contained the usual content, which includes updates from regulators, a calendar of regulatory deadlines, and noteworthy court opinions. The articles in this issue focused on the following topics:

  • Error resolution and liability for unauthorized use for accounts and transactions covered by Regulation E and credit cards subject to Regulation Z;
  • The modified rules pertaining to error resolution and liability for unauthorized use related to prepaid accounts and remittance transfers under Regulation E;
  • An overview of the relationship between community banks and the Federal Reserve; and

 

continue reading »