NAFCU Journal September October 2021

40 THE NAFCU JOURNAL September–October 2021 O n June 4, 2021 the CFPB pub- lished a new compliance aid: frequently asked questions about Regulation E. Specifically, these FAQs address issues sur- rounding unauthorized use and inves- tigations of these claims by members. As a reminder, Regulation E establishes limitations on consumers’ liability for unauthorized electronic fund transfers (EFTs), set forth in section 1005.6. The rule also addresses how to investigate claims of errors, includes but is not limited to unauthorized EFTs. Regulation E also has specific requirements for the error resolution process, including time limitations, the extent of investigation and the requirement to provisionally credit a consumer’s account if more than ten business days is needed to complete an investigation. Some of the FAQs seem to stem from the bureau’s Summer 2020 Supervisory High- lights, which noted issues with Regulation E compliance like waivers and investiga- tions of errors. Some of the CFPB’s FAQs are rather straight-forward. For example, FAQ number three addresses whether a member’s negligence can be considered when determining potential liability for an unauthorized EFT. For example, what if CFPB ISSUES REGULATION E FAQS By Brandy Bruyere COMPLIANCE CENTRAL