The Board of Governors of the Federal Reserve System (Board) is requesting comment on the attached proposed revisions to the Regulation E Official Staff Commentary. Regulation E implements the Electronic Fund Transfer Act. The commentary interprets the requirements of Regulation E and facilitates compliance by financial institutions that offer electronic fund transfer services to consumers. Comments are due by August 31, 2000.

The proposal provides guidance on electronic authorization of recurring debits from a consumer's account, coverage of electronic check conversion transactions, telephone-initiated fund transfers and other issues.

One specific area that the Board is requesting comment on is a service referred to as "aggregation" or "screen-scraping." This service allows consumers to view, manage their financial accounts, and pay bills through one Internet Web site location. A service provider ("aggregator") obtains financial information from multiple sources using account numbers and passwords provided by the consumer. Comment is solicited for guidance on Regulation E's potential coverage of these services that aggregate consumer financial information.

Comments should be mailed to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, or mailed electronically to regs.comments@federalreserve.gov.

For further assistance, please contact Louise Kotoshirodo Kramer, Review Examiner in the FDIC's Division of Compliance and Consumer Affairs, at (202) 942-3599.

	Stephen M. Cross
	Director

Attachments:

Federal Register, June 29, 2000 (Vol. 65, No. 126), pages 40061-40067 HTML or PDF (186 KB File - PDF Help or Hard Copy

Distribution: FDIC-Supervised Banks (Commercial and Savings)