Electronic Fund Transfers — 1994-03-07 [94-4680]

The Board is publishing for comment a proposal to revise Regulation E, which implements the Electronic Fund Transfer Act. The proposal stems from the Board's review of Regulation E pursuant to its policy of periodically reviewing all of its regulations. The Board's review considered ways the regulation could be simplified to ease the burdens imposed on financial institutions, consistent with the Board's responsibility for implementing the act, and considered also whether the regulation could more effectively carry out the purposes of the act. The proposal contains several substantive revisions, including changes to the existing exemptions for securities or commodities transfers and for preauthorized transfers to or from accounts at small institutions. In addition, the proposal includes changes intended to make Regulation E more consistent with the requirements of other regulations governing deposit accounts. The proposal also simplifies the language and format of the regulation, deleting obsolete provisions and eliminating all of the footnotes.