Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance The dog ate my ATM receipt
WASHINGTON (1/28/08)—The Federal Reserve Board’s Regulation E, governing electronic funds transfers, requires that a receipt be made available for each transaction at an electronic terminal, unless the consumer declines the receipt. So, what happens when there is an honest mistake? While it’s clear the “dog ate my receipt” excuse doesn’t quite fit the situation, the “dog ate my ATM’s receipt paper roll” might. The Credit Union National Association’s January Compliance Challenge asks, would a credit union have violated the Reg E requirement if its ATM runs out of paper and fails to give someone a receipt? And the answer is no. Comment 205.9(a)(5) in the regulation clarifies that if a receipt is not provided to the consumer because of a bona fide unintentional error, such as when a terminal runs out of paper, or the mechanism jams, no violation results if the financial institution maintains procedures reasonably adapted to avoid such occurrences. So, having procedures in place to prevent this from happening on a routine basis is the key to avoiding a Regulation E violation in these instances, the Challenge advises.


RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
14 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
15 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
17 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
18 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
20 hours ago