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Can you summarize 12 CFR Part 205?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > ELECTRONIC FUND TRANSFERS (REGULATION E)
Short Summary
This document, part of the Code of Federal Regulations, specifically falls under the jurisdiction of the Board of Governors of the Federal Reserve System. It pertains to the regulation of electronic fund transfers (EFTs) under the Electronic Fund Transfer Act (EFTA). The document provides definitions for various terms used in the regulation, including ‘access device,’ ‘account,’ ‘consumer,’ ’electronic fund transfer,’ ’electronic terminal,’ ‘financial institution,’ ‘person,’ ‘preauthorized electronic fund transfer,’ ‘state,’ and ‘unauthorized electronic fund transfer.’ The definitions clarify the scope and application of the regulation. The document also outlines the requirements and obligations of financial institutions and consumers in relation to EFTs. It does not specify any exemptions or penalties. Overall, this document serves as a foundational resource for understanding the legal framework governing electronic fund transfers in the United States.
Whom does it apply to?
Financial institutions, consumers
What does it govern?
Regulation of electronic fund transfers (EFTs) under the Electronic Fund Transfer Act (EFTA)
What are exemptions?
Certain types of transfers such as those originated by check, check guarantee or authorization transfers, wire or similar transfers between financial institutions or businesses, securities and commodities transfers, automatic transfers between accounts within a financial institution or to a family member's account, telephone-initiated transfers, and preauthorized transfers involving small institutions
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government