Payroll Cards
The FRB has published proposed changes to Regulation E to cover payroll cards. Whether or not those proposals become final, the OCC has published similar guidance that national banks should be following. Advisory Letter 2001-6, published on May 6, 2004, provides national banks with OCC's views on the applicable requirements of Regulations E and CC. Of concern to the OCC is that consumers receiving payroll cards have adequate information about their rights and obligations.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 10, 10/04
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