On June 4, 2021, the Consumer Financial Protection Bureau published eight Electronic Fund Transfers FAQs. The Frequently Asked Questions address:
- Do fraudulent inducements constitute “unauthorized electronic fund transfer?”
- In a fraudulent inducement has a consumer furnished an access device under Regulation E?
- Can negligence by the consumer be used as the basis for imposing greater liability than is permissible under Regulation E.?
- Can an agreement restrict a consumer’s rights beyond what is provided in the law?
- Can a financial institution rely on private network rules that provide less consumer protection than federal law?
- Can a financial institution require a consumer to file a police report or other documentation as a condition of initiating an error resolution investigation?
- Can a financial institution require that a consumer to first contact the merchant about a potential unauthorized EFT before the institution initiates its error resolution investigation?
- How does a financial institution determine the consumer’s liability when a transfer meets the definition of “unauthorized electronic fund transfer?”