Regulation E: Error Resolution and Consumer Liability Part 1

Regulation E: Error Resolution and Consumer Liability Part 1 is an elearning course that defines what constitutes an error, and what is not considered erroneous. Errors will happen and Regulation E specifically outlines how FIs should handle these instances. In this program, we’ll discuss how a financial institution should investigate an error once one has been reported, including knowing what information needs to be gathered, and how quickly they need it by. We’ll cover the 45 Day Period rule, when consumers need to be notified of preauthorized transfers, and how and when such payments can be cancelled. Lastly, we’ll walk viewers through the thorough, four-step resolution process.

Part of a series about the Federal Reserve’s Regulation E, or The Electronic Funds Transfer Act, the course consists of a video followed by a quick multiple-choice quiz that will test your comprehension. A downloadable reference document is also included for an easy review of key information from the lesson.