One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Recorded on March 14, 2023
Regulation CC: Funds Availability (Deposits and Holds)
wants their money “back” from the bank? The bank didn’t take their money and can’t give it “back.” The bank executed the transfer as the customer requested. Yet the bank is expected to replace that money under many circumstances.
In March 2022 the CFPB announced it would be targeting unfair discrimination in consumer finance. You have likely heard and may have even said, “there is no fair lending equivalent for deposits.” Well – now there is.
One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Electronic delivery can be your virtual friend before, during and after a pandemic. It helps the bank protect relationships, save time and money and satisfy customers who want information delivered quickly.