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Board of Governors of the Federal Reserve System
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Press Release
February 19, 2010

Federal Reserve announces proposed
clarifications to final rules under Regulations E
and DD
For immediate release
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The Federal Reserve Board on Friday proposed clarifications to aspects
of its November 2009 final rule under Regulation E (Electronic Fund
Transfers) and its December 2008 final rule under Regulation DD (Truth
in Savings) pertaining to overdraft services.
The proposals are intended to address questions that have arisen and to
provide further guidance regarding compliance with certain aspects of
the final overdraft rules. In particular, the proposals would clarify that the
prohibition in Regulation E on assessing overdraft fees without the
consumer's affirmative consent applies to all institutions, including those
with a policy and practice of declining automated teller machine (ATM)
and one-time debit card transactions when an account has insufficient
funds. The proposals would also make certain technical corrections and
conforming amendments.
The Federal Register notices are attached. Comments on the proposals
must be submitted within 30 days after publication in the Federal
Register, which is expected shortly.
Federal Register notices:
Regulation E: HTML | 68 KB PDF
Regulation DD: HTML | 62 KB PDF

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Last Update: February 19, 2010

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BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM
20th Street and Constitution Avenue N.W., Washington, DC 20551