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Incorrect Consumer Claims can Cause Regulatory Deficiency as per Reg E Rules

Question: 
What causes banks to deny Reg E error claims? And is it correct practice?
Answer: 

Banks routinely deny claims that are over 60 days old, even though Reg E rules require banks to treat disputes like they just happened. This causes a regulatory deficiency for the bank as consumers get paid less than what they are due under Regulation E.

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Reg E complex regulations are not easy to keep a track of. FINBOA's unique Reg E automation makes compliance easy. Four Inconsistencies That Lead to Regulation E Bank Losses.

Vendor: 

FINBOA's end-to-end process automation eliminates the need to use paper forms and multiple systems that require manual rekeying of data to stay compliant. Manual processes increase the likelihood of regulatory deficiencies, customer frustration, and require time consuming and expensive oversight. The results are delivered via a Cloud offering that reduces time to value to 2 - 4 weeks and TCO by 40%. Time saved allows financial institutions to focus on revenue generation activities. Contact us at 281-503-1233 or marketing@finboa.com. For more information: https://www.finboa.com.

First published on 11/10/2019

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