‘Compliance 101’ examines practical takeaways from Reg E actions
Credit unions are offered a deep dive into the recent regulatory enforcement actions on Regulation E in the latest Compliance 101. Launched in October by America’s Credit Unions, the series tackles compliance basics, especially common challenges credit unions face every day.
The new entry addresses practical applications for Regulation E (which implements the Electronic Fund Transfer Act (EFTA)), analyzing lessons learned from actions taken due to serious deficiencies in compliance infrastructure.
Compliance 101 details why credit unions should:
- Promptly and thoroughly investigate unauthorized transactions;
- Document investigation efforts clearly and retain internal logs;
- Provide detailed written explanations when denying claims;
- Comply timely with provisional credits;
- Limit consumer liability;
- Have clear, accessible dispute channels;
- Train employees regularly on EFTA/Regulation E; and
- Review and update policies & procedures.
America’s Credit Unions’ Compliance Library contains additional resources such as FAQs, a compliance calendar, and twice-weekly updates for the Compliance Blog.