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Inactive Financial Institution Letters

ELECTRONIC FUND TRANSFERS

FIL-49-2000
July 18, 2000

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Proposed Revisions to Regulation E (Electronic Fund
Transfer Act) Official Staff Commentary

The Board of Governors of the Federal Reserve System (Board) is requesting comment on the attached proposed revisions to the Regulation E Official Staff Commentary. Regulation E implements the Electronic Fund Transfer Act. The commentary interprets the requirements of Regulation E and facilitates compliance by financial institutions that offer electronic fund transfer services to consumers. Comments are due by August 31, 2000.

The proposal provides guidance on electronic authorization of recurring debits from a consumer's account, coverage of electronic check conversion transactions, telephone-initiated fund transfers and other issues.

One specific area that the Board is requesting comment on is a service referred to as "aggregation" or "screen-scraping." This service allows consumers to view, manage their financial accounts, and pay bills through one Internet Web site location. A service provider ("aggregator") obtains financial information from multiple sources using account numbers and passwords provided by the consumer. Comment is solicited for guidance on Regulation E's potential coverage of these services that aggregate consumer financial information.

Comments should be mailed to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, or mailed electronically to regs.comments@federalreserve.gov.

For further assistance, please contact Louise Kotoshirodo Kramer, Review Examiner in the FDIC's Division of Compliance and Consumer Affairs, at (202) 942-3599.

Stephen M. Cross
Director

Attachments:  Federal Register, June 29, 2000 (Vol. 65, No. 126), pages 40061-40067
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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).

Last Updated 07/18/2000 communications@fdic.gov