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FEDERAL RESERVE B A M K OF M E W YORGC [ Circular No. 10,090"1 October 20, 1986 PROPOSED AMENDMENTS TO REGULATION E Extension of Comment Period to December 12 To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: Following is the text o f a statement issued by the Board of Governors o f the Federal Reserve System: The Federal Reserve Board has extended the comment period to December 12 on its proposal to amend Regulation E, Electronic Fund Transfers (EFT). The proposal would eliminate the periodic statement requirement for providers of EFT services that do not hold consumer accounts, such as retailers, and would make other changes to ensure consumer protection. The Board extended the comment period to provide interested parties with additional time to present their views. Printed on the reverse side o f this circular is the text o f the Board’s notice in this matter, which has been reprinted from the Federal Register. Comments may be sent to the Board, as specified in the notice, or to our Compliance Examinations Department by December 12, 1986. E. G erald Corrigan, President. (OVER) (FEDERAL [RESERVE SYSTEM 112 C F O P s r t 2 @ i [R@$. E; D@eh©t No. R-0578] El@©tr@nl@ Fund Transfers; S erviceP ro vid er P eriodic Statem ents; Extension off C om m ent Period &©en <sy : Board o f Governors of the Federal R eserve System . A€T8@M° Proposed rule; exten sion o f com m ent period. On August 8,1988, the Board published proposed am endm ents to R egulation E—Electronic Fund Transfers (51 FR 28589). The com m ent period w a s schedu led to end October 10,1986. In resp onse to requests it has received, the Board h as exten d ed the com m ent period to D ecem ber 12,1986. ©aTigs Com m ents must be received on or before D ecem ber 12,1986. &BBRISS; Comm ents m ay be m ailed to W illiam W . W iles, Secretary, Board of G overnors o f the Federal Reserve System , W ashington, DC 20551, or d elivered to the guard station at the courtyard entrance to the Eccles Building (Attention: Mail S ervices), on 20th Street b etw een Constitution A ven u e an C Street, NW., W ashington, DC b etw een 8:45 a.m. and 5:15 p.m. w eek d a y s. A ll m aterial subm itted should refer to D ocket No. R-0578. F@lfi! FURTHER INFORMATION CONTACT: G erald P. Hurst or John C. W ood, Senior A ttorneys, D ivision of Consumer and Com m unity Affairs, Board of G overnors o f the Federal R eserve System , W ashington, DC 20551, at (202) 452-3667 o r (202) 452-2412. For T elecom m unications D evice for the D ea f (TDD) users, contact: Earnestine H ill or D orothea T hom pson at (202) 452-3544. SUPFLIfifllMYARY INFOnM&YSOMS On A ugust 8,1986, the Board published for com m ent proposed am endm ents to R egulation E (51 FR 28589). The p roposed am endm ents relate to serviceproviding institutions, such as retailers, that offer electronic fund transfer (EFT) serv ices b y issuing to consum ers debit cards, or other d evices, for accessin g checking or other deposit accounts. The proposal w ould am end Regulation E to: (1) Elim inate the current requirement that service providers send periodic statem ents to consum ers show ing the EFTs m ade w ith the a cc ess devices; (2) Require in stead that service providers furnish the n ecessary inform ation to the financial institutions holding the consum ers’ accounts for in clu sion on the account-holding in stitu tions’ periodic statem ents; and (3) M ake other changes to ensure consum er protections and clarify the resp on sib ilities o f service providers and account-holding institutions. Com m ent w a s requested on the proposal by O ctober 10,1988. The Board h as b een asked to extend the com m ent period to provide in terested parties time to present their v ie w s. In resp on se to these requests, the Board is extending the com m ent period through D ecem ber 12,1986. List o f Sub jects im 12 CFR Part 205 Banks, banking, Consum er protection, E lecronic fund transfers, Federal R eserve System , Penalties. By order of the Board of Governors, acting through its Secretary under delegated authority, October 6,1986. William W. Wiles, Secretary o f the Board. [FR Doc. 86-23063 Filed 10-9-86; 8:45 am]
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