Proposed Changes to Reg E
Regulation E now looks like a concept that was ahead of its time but has been overtaken by developments in technology. The Federal Reserve has published proposed changes to Regulation E to make some necessary adaptations. The proposal affects the fee notice that ATM operators must post on their machines. The proposal would change the notice from stating that there will be a fee to stating that there may be a fee. This revised disclosure could be used only if there are in fact situations when a consumer would not be charged. In short, the idea is to provide the warning but be more accurate. There is no proposed change to the requirement to provide a disclosure of the fee before it is imposed.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 10, 9/05
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