To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Chief Executive Officer and Chief Compliance Officer
Subject: Regulation E; Electronic fund transfers: Interim final rule, request for public comment
Summary:
The Board of Governors of the Federal Reserve System requests public comment on an interim final rule to provide additional clarification regarding Regulation E’s coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions. The effective date for the interim final rule is January 1, 2007, consistent with a previously issued January 2006 final rule; however, certain provisions regarding the fee disclosures will have a delayed compliance date of January 1, 2008. The Board requests comment on the interim final rule within thirty days after publication in the Federal Register.
The Federal Register notice, published August 30, 2006, is attached.
Date: Comments are due by September 29, 2006.
Additional Information:
Ky Tran-Trong, Senior Attorney, Vivian W. Wong, Attorney, or David A. Stein, Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, at (202) 452-2412 or (202) 452-3667. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869.