Federal Reserve System: Electronic Fund Transfers
GAO-11-164R: Oct 28, 2010
- Full Report:
GAO reviewed the Federal Reserve System's (Board) new rule on electronic fund transfers. GAO found that (1) the interim final rule amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act); and (2) Board complied with the applicable requirements in promulgating the rule.