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OCC BULLETIN 2014-43
Subject: Electronic Fund Transfer Act
Date: August 28, 2014
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Comptroller's Handbook Booklet Revision and Rescission
The Office of the Comptroller of the Currency (OCC) issued today the “Electronic Fund Transfer Act” booklet of the Comptroller's Handbook. This revised booklet replaces a similarly titled booklet issued in October 2011.
This booklet provides updated guidance to examiners and bankers relevant to recent changes made to Regulation E (12 CFR 1005) regarding remittance transfers.
Specifically, this booklet
Dodd-Frank transferred rulemaking authority for the EFTA to the CFPB and amended the act to create a new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.
Since the prior version of the “Electronic Fund Transfer Act” booklet was issued in October 2011, the CFPB has added a new Subpart B to Regulation E dealing with remittance transfers. In May 2013, the CFPB finalized all the changes to Regulation E and established an effective date of October 28, 2013.
In August 2013, the Federal Financial Institutions Examination Council’s Consumer Compliance Task Force approved the updated interagency examination procedures, which are contained in the revised “Electronic Fund Transfer Act” booklet.
With the issuance of the August 2014 booklet, OCC Bulletin 2011-43, “Electronic Fund Transfer Act—Regulation E: Revised Examination Procedures” (October 21, 2011), is rescinded.
For further information, contact your supervisory office or the OCC’s Compliance Policy Division at (202) 649-5470.
Grovetta N. Gardineer