CA 19-6: Revised Interagency Examination Procedures for Regulation E

The Board of Governors of the Federal Reserve System issued this letter to transmit revised interagency examination procedures for Regulation E to institutions with total consolidated assets of $10 billion or less. These updated procedures supersede CA Letter 13-17 and align with CFPB amendments effective April 1, 2019, which expanded Regulation E coverage to prepaid accounts and established hybrid prepaid-credit card classifications. The guidance ensures consistent supervisory standards for disclosures, error resolution, and periodic statements related to these newly regulated electronic fund transfer products.

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CA 19-6: Revised Interagency Examination Procedures for Regulation E

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

DIVISION OF CONSUMER AND COMMUNITY AFFAIRS

CA 19-6

April 9, 2019

TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:

SUBJECT:

Revised Interagency Examination Procedures for Regulation E

Applicability to Community Banking Organizations : This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation E – Electronic Fund Transfers. These revised examination procedures supersede the Regulation E examination procedures transmitted with CA Letter 13-17.

The attached document relates to the creation of comprehensive consumer protections for prepaid accounts, published by the Consumer Financial Protection Bureau (CFPB), and effective on April 1, 2019. Those amendments revised Regulation E to expand coverage to prepaid accounts and add provisions regarding disclosures, error resolution, periodic statements, and posting of account agreements. The amendments also classified prepaid accounts that offer covered credit features as "hybrid prepaid-credit cards" subject to Regulation Z. Interagency examination procedures for Regulation Z are being published contemporaneously with this transmittal.

If you have any questions concerning this letter, please contact Dana Miller, Senior Counsel, Supervisory Policy and Outreach at (202) 452-2751. In addition, questions may be sent via the Board’s public website. 1

signed by Carol Evans Associate Director Division of Consumer and Community Affairs

Supersedes:

CA 13-17, “Revised Interagency Examination Procedures for Regulation E” (Oct. 30, 2013)

Attachments:

Revised Interagency Examination Procedures for Regulation E (PDF)

Notes:

See

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Last Update:

April 11, 2019