View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Release Date: August 24, 2006

For immediate release
The Federal Reserve Board on Thursday announced its approval of a final rule to provide
that payroll card accounts are covered by the Board's consumer protection regulation
governing electronic fund transfers.
The final rule grants flexibility to financial institutions that must provide account transaction
information to payroll card users. Under the rule, institutions are not required to provide
paper periodic statements to consumers if the institution makes account transaction
information available by telephone, electronically, and, upon the consumer's request, in
The amendments to address payroll card accounts are being made to Regulation E, which
implements the Electronic Fund Transfer Act, and to the official staff commentary, which
interprets the requirements of Regulation E. The effective date is July 1, 2007.
In a separate action, the Board requested public comment on an interim final rule to provide
additional clarification regarding Regulation E's coverage of the electronic collection of
insufficient funds fees by merchants and other payees and consumer notice requirements for
electronic check conversion transactions. The effective date for the interim final rule is
January 1, 2007, consistent with a previously issued January 2006 final rule; however,
certain provisions regarding the fee disclosures will have a delayed compliance date of
January 1, 2008. The Board requests comment on the interim final rule within thirty days
after publication in the Federal Register, which is expected shortly.
The Federal Register notices are attached.
Final rule (141 KB PDF)
Interim final rule (81 KB PDF)
2006 Banking and consumer regulatory policy
Home | News and events
Last update: August 24, 2006