News / banking

Electronic Fund Transfers — 1994-12-02 [94-29625]

The Board is publishing an interim rule amending Regulation E (Electronic Fund Transfers). The amendment eliminates the requirement that an electronic terminal…

Archive · 1994-12-02

Historical source material. Figures, regulations and case status may have changed since the original publication. This page preserves a source excerpt for research.

Read original source

The Board is publishing an interim rule amending Regulation E (Electronic Fund Transfers). The amendment eliminates the requirement that an electronic terminal receipt disclose a number or code that uniquely identifies the consumer, the consumer's account, or the access device. This requirement currently poses a significant security risk for consumers and financial institutions by making information accessible to criminals that they then use to withdraw funds from consumers' accounts. The Board has adopted an interim rule that deletes the requirement for a unique identification, thus enabling institutions to truncate card or account numbers. The Board seeks public comment on the interim rule, which the Board will adopt in final following the close of the comment period.

Research sources & methodology

Original sources and publication references.

Community

Tell us what you are researching. We will review your request.