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FRS

RIN: 7100-AD27

Publication ID: Spring 2009

Title: ●Regulation E--Electronic Fund Transfers (Docket No. R-1343)
Abstract: The Board is proposing to amend Regulation E to require financial institutions to provide consumers the ability to choose whether an institution may pay overdrafts for ATM withdrawals or one-time debit card transactions pursuant to the institution's overdraft service and charge a fee for that service. Two alternative approaches are set forth in the proposal. Under one approach, consumers must be given notice and an opportunity to opt out of the institution's overdraft service for ATM withdrawals and one-time debit card transactions. Under the second approach, consumers must affirmatively consent, or opt in, before such overdrafts may be paid and a fee assessed for the service. The Board is also proposing to generally prohibit financial institutions from assessing an overdraft fee if the overdraft would not have occurred but for a hold placed on funds in the consumer's account in connection with a debit card transaction, where the hold exceeds the actual amount of the transaction.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 12 CFR 205.12 12 CFR 205.17 12 CFR 205.19
Legal Authority: 15 USC 1693b

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Requested Comment	01/29/2009	74 FR 5212
Board Expects Further Action By	04/00/2009

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Small Entities Affected: Businesses, Governmental Jurisdictions, Organizations	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Ky Tran-Trong Counsel Federal Reserve System Division of Consumer and Community Affairs, Phone:202 452-3667