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Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.
Episodes
Feb 28, 2024
Feb 28, 2024
12 min
Episode 68 of the podcast discusses the investigation process for Electronic Funds Transfers (EFT) under the Electronic Fund Transfer Act. The hosts, Dean and Len, emphasize the importance of consumer protection in EFT and remittance transfers, outlining the process for consumers to dispute unauthorized or incorrect transactions. They stress that financial institutions must promptly begin investigating disputes upon receiving notice, either oral or written, from the consumer. The regulation mandates strict timelines for these investigations, with institutions having 10 business days to investigate, extendable to 45 or 90 days for certain cases if provisional credit is provided. The episode highlights the need for financial institutions to be aware of and comply with these regulations, including the application of Regulation E to Person to Person (P2P) payments. The hosts conclude by encouraging listeners to stay informed about their institution’s error resolution processes and suggesting future podcast topics.
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