Consumer compliance outlook: Effect of late notices of error and billing error notices
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The Federal Reserve System published the most recent edition of the Consumer Compliance Outlook at the end of July. The edition contained the usual content, which includes updates from regulators, a calendar of regulatory deadlines, and noteworthy court opinions. The articles in this issue focused on the following topics:
- Error resolution and liability for unauthorized use for accounts and transactions covered by Regulation E and credit cards subject to Regulation Z;
- The modified rules pertaining to error resolution and liability for unauthorized use related to prepaid accounts and remittance transfers under Regulation E;
- An overview of the relationship between community banks and the Federal Reserve; and
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