Requested comment on proposed revisions to Regulation E (Electronic Fund Transfers)

Description

FEDERAL RESERVE SYSTEM 12 CFR Part 205[Regulation E; Docket No. R-1077]Electronic Fund TransfersAGENCY: Board of Governors of the Federal Reserve System.ACTION: Proposed rule.______________________________________________________ SUMMARY: The Board is publishing for comment proposed revisions to Regulation E,which implements the Electronic Fund Transfer Act (EFTA). The proposed revisionsimplement amendments to the EFTA contained in the Gramm-Leach-Bliley Act thatrequire the disclosure of certain fees associated with automated teller machine (ATM)transactions. The amendments require ATM operators who impose a fee for providingelectronic fund transfer services to disclose this fact in a prominent and conspicuouslocation on or at the ATM. The operator must also disclose that a fee will be imposedand the amount of the fee, either on the screen of the machine or on a paper notice beforethe consumer is committed to completing the transaction. In addition, when theconsumer contracts for an electronic fund transfer service, financial institutions arerequired to disclose that a fee may be imposed for electronic fund transfers initiated at anATM owned by another entity.DATES: Comments must be received by August 18, 2000.ADDRESSES: Comments, which should refer to Docket No. R-1077, may be mailed toJennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20thStreet and ...

Informations

• Publié par: Zuib
• Nombre de lectures: 55
• Langue: English

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