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Can you summarize 12 CFR Part 1005?
CONSUMER FINANCIAL PROTECTION BUREAU > ELECTRONIC FUND TRANSFERS (REGULATION E)
Short Summary
The provided legal document content pertains to Electronic Fund Transfers (Regulation E) under the Code of Federal Regulations. It establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services, as well as financial institutions or other persons that offer these services. The document provides definitions for various terms used in the context of electronic fund transfers and includes specific exemptions for certain types of prepaid accounts, gift cards, and accounts established for distributing needs-tested benefits. It also addresses the requirements for remittance transfers, including disclosure requirements, error resolution procedures, cancellation and refund procedures, and requirements for one-time transfers and subsequent preauthorized remittance transfers. The document emphasizes the accuracy of disclosures throughout. No specific penalties for non-compliance or violation of the provisions are mentioned in the provided document.
Whom does it apply to?
Consumers who use electronic fund transfer and remittance transfer services, as well as financial institutions or other persons that offer these services
What does it govern?
Electronic Fund Transfers (Regulation E) under the Code of Federal Regulations
What are exemptions?
Exemptions for certain types of prepaid accounts, gift cards, and accounts established for distributing needs-tested benefits
What are the Penalties?
No specific penalties for non-compliance or violation of the provisions are mentioned
Jurisdiction
U.S. Federal Government