Member: $ 530
Non-Member: $ 730
Speaker: Susan Costonis, Compliance Consulting & Training
This recording is from a 1-day instructor led program held on August 10 via Zoom. Recordings are 5 MP4 links. Electronic materials will be sent as well.
Will your bank experience more debit card fraud investigation in 2023? The FTC (Federal Trade Commission) reported that consumers reported $90.6 million in fraudulent debit card payments in 2022. Employee confusion about Reg E and the error resolution process can be very costly. Does your bank have effective policies and procedures in place to ensure that all reports of errors related to electronic fund transfers are properly handled within the timeframes required by Regulation E? Are you confident going into an audit or exam that your error resolution program will stand up to the complex regulatory requirements? There are also strict “opt-in” requirements for ODP coverage. New regulatory scrutiny has been targeted on ODP programs. Could your ODP program be subject to fines under UDAAP? (Unfair, Deceptive and ABUSIVE Acts and Practices). This seminar will help you understand the Regulation E requirements, including:
- The basic disclosure requirements of Reg E and the definitions that guide the regulation.
- How to determine if a customer is liable for an unauthorized transaction and conduct investigations into alleged errors.
- What the initial EFT (electronic fund transfer) disclosures must include and requirements to change the terms of your agreement.
- Review of ODP risks and best practices and these topics:
- Opt-in requirements
- Civil Money Penalties, and enforcement actions
- UDAAP risks
- Class action lawsuits
- Learn if your bank is paying claims that could be denied within the guidelines of Reg E while also making sure that legitimate error resolution is being handled properly. Learn how to use investigation results effectively.
- IMPORTANT – The CFPB issued TWO sets of FAQs for Reg E in 2021 and focused attention on fraud with “P2P” transactions; these are person to person providers like Zelle and Venmo.
This session will include the most recent information available and you will also gain a more in-depth understanding of:
- Current examination problems and how to avoid them in your bank
- Tools for error resolution and tips for proper documentation of Reg E claims
- BONUS – Bring your bank’s Reg E disclosures and we’ll review them for compliance in the seminar!