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| TO: |
CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER |
| SUBJECT: |
Federal Reserve Board Amends Regulations E, M and DD
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The Board of Governors of the Federal Reserve System (FRB) has adopted
amendments revising Regulation E, which implements the Electronic Funds
Transfer Act. The amendments revise the time periods for investigating
errors involving point-of-sale debit cards, foreign transactions and new
accounts. The FRB also has adopted revisions to Regulation M, which
implements the Consumer Leasing Act. The changes clarify the rules on
lease payments, advertisements and rounding calculations. The revisions
also make certain technical changes to the model forms.
Finally, the FRB adopted revisions to Regulation DD to implement minor
changes to the Truth in Savings Act concerning lobby signs and certain
disclosures for automatically renewable time accounts.
The attached Federal Register notice contains the final rules, which are
effective as of September 24, 1998. Compliance with the changes to
Regulation E are optional until April 1, 1999, and compliance with the
changes to Regulation M are optional until October 1, 1999. Because the
revisions to Regulation CC reduce burden they are effective as of
September 24, 1998.
For further information, contact the following FRB staff members:
* Regulation E - John C. Wood or Jane Jensen Gell, Senior Attorneys,
Division of Consumer and Community Affairs, at (202) 452-2412 or (202)
452-3667.
* Regulations M and DD - Kyung Cho-Miller, Staff Attorney, Division of
Consumer and Community Affairs, at (202) 452-2412 or (202) 452-3667.
Staff members at the FDIC who are familiar with the revisions are:
* Regulation E - Louise Kotoshirodo, Review Examiner, Division of
Compliance and Consumer Affairs, (202) 942-3599, e-mail
Lkotoshirodo@fdic.gov.
* Regulation M - Pamela Coxe, Review Examiner, Division of Compliance
and Consumer Affairs, (202) 942-3087, e-mail Pcoxe@fdic.gov.
* Regulation DD - Eric Kooistra, Review Examiner, Division of Compliance
and Consumer Affairs, (202) 942-3339, e-mail Ekooistra@fdic.gov.
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Carmen J. Sullivan |
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Director |
Attachment: Federal Register, Vol. 63, No. 188, pp 52105-52118
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial
institution letters may be obtained through the FDIC's Public
Information Center, 801 17th Street, NW, Room 100, Washington, DC
20434 (800-276-6003 or (703) 562-2200).
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