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Inactive Financial Institution Letters


Electronic Fund Transfers Act, Consumer Leasing Act, and Truth in Savings Act

FIL-114-98
October 15, 1998

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Federal Reserve Board Amends Regulations E, M and DD

The Board of Governors of the Federal Reserve System (FRB) has adopted amendments revising Regulation E, which implements the Electronic Funds Transfer Act. The amendments revise the time periods for investigating errors involving point-of-sale debit cards, foreign transactions and new accounts. The FRB also has adopted revisions to Regulation M, which implements the Consumer Leasing Act. The changes clarify the rules on lease payments, advertisements and rounding calculations. The revisions also make certain technical changes to the model forms.

Finally, the FRB adopted revisions to Regulation DD to implement minor changes to the Truth in Savings Act concerning lobby signs and certain disclosures for automatically renewable time accounts.

The attached Federal Register notice contains the final rules, which are effective as of September 24, 1998. Compliance with the changes to Regulation E are optional until April 1, 1999, and compliance with the changes to Regulation M are optional until October 1, 1999. Because the revisions to Regulation CC reduce burden they are effective as of September 24, 1998.

For further information, contact the following FRB staff members:

* Regulation E - John C. Wood or Jane Jensen Gell, Senior Attorneys, Division of Consumer and Community Affairs, at (202) 452-2412 or (202) 452-3667.

* Regulations M and DD - Kyung Cho-Miller, Staff Attorney, Division of Consumer and Community Affairs, at (202) 452-2412 or (202) 452-3667.

Staff members at the FDIC who are familiar with the revisions are:

* Regulation E - Louise Kotoshirodo, Review Examiner, Division of Compliance and Consumer Affairs, (202) 942-3599, e-mail Lkotoshirodo@fdic.gov.

* Regulation M - Pamela Coxe, Review Examiner, Division of Compliance and Consumer Affairs, (202) 942-3087, e-mail Pcoxe@fdic.gov.

* Regulation DD - Eric Kooistra, Review Examiner, Division of Compliance and Consumer Affairs, (202) 942-3339, e-mail Ekooistra@fdic.gov.

  Carmen J. Sullivan
  Director


Attachment: Federal Register, Vol. 63, No. 188, pp 52105-52118

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 07/17/1999 communications@fdic.gov