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Regulation E: Error Resolution Requirements

Webinar: ID# 1023078
Recorded CD
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About This Course:
Bankers and compliance professionals often struggle with the day-to-day issues that arise in connection with regulatory requirements to timely and effectively resolve deposit account errors asserted by consumers.

New requirements for prepaid accounts from the Consumer Financial Protection Bureau (CFPB) will take effect soon, magnifying the complexity that institutions face when resolving account errors.

This webinar explains the requirements of the CFPB's new amendments to Regulation E covering prepaid accounts with simple explanations of how the new rule differs from the traditional error resolution framework. It also will showcase best practices from industry leaders for conducting timely and compliant investigations of consumer complaints.

Failure to timely respond to consumer complaints is regularly cited by the CFPB as one of its chief concerns with financial service providers, and noncompliance can result in cease and desist orders, fines, penalties and class action law suits. This information will help you ensure your error resolution process satisfies new regulatory requirements and help you leverage best practices to reduce risks of fraud and other loss.

Agenda

The New Prepaid Account Rule
  • Requirements of the New Rule
  • Impact on Error Resolution Requirements
  • First Party Fraud
  • Additional Issues for Overdraft and Credit Programs
Error Resolution Best Practices
  • Limiting Liability
  • What Constitutes a "Reasonable Investigation"
  • Responding to Error Notices
  • Provisional Credit
  • Dealing With Reasserted Errors
Focus on Specific Programs
  • Payroll Cards
  • General Purpose Reloadable Cards
  • Exempt Accounts
About The Presenter

Jonathan J. Wegner
  • Partner in the office of Baird Holm LLP, which serves as outside regulatory counsel to the Network Branded Prepaid Card Association and the Debit Network Alliance
  • Practice emphasizes all aspects of banking law and bank regulatory compliance, including credit, debit and prepaid card programs, electronic payment systems, mobile applications, mobile banking, NACHA and Card Brand Rules and cross-border payments
  • Conducts regular seminars and workshops on bank mergers and acquisitions, banking law, payments systems and regulatory compliance matters
  • Wrote several publications related to the areas of bank regulation, financial services and payments technology
  • J.D. degree, summa cum laude, Creighton University School of Law; M.S. degree in journalism, Northwestern University; B.A. degree in English, summa cum laude, Santa Clara University
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Regulation E: Error Resolution Requirements
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