Electronic Disclosures
April 1, 1998
Circular No. 11041

Interim Rule in Regulation E; Proposed Rules in Regulations E, B, M, Z, and DD

Comments Requested by May 15

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The Board of Governors of the Federal Reserve System has published an interim amendment to its Regulation E, Electronic Fund Transfers, that permits depository institutions to deliver by electronic communication disclosures required in connection with fund transfers to and from consumer asset accounts, if the consumer agrees. The Board has also published a proposed amendment to Regulation E that would reduce the time period for investigating errors that involve debit cards used in point-of-sale and foreign transactions.

At the same time, the Federal Reserve Board issued proposals to permit the electronic delivery of disclosures required by four of its consumer protection regulations -- Regulation B, Equal Credit Opportunity; Regulation M, Consumer Leasing; Regulation Z, Truth in Lending; and Regulation DD, Truth in Savings. Technical amendments to Regulations M and DD also were proposed.

The Board's official notices of these actions, as published in Part III of the Federal Register of March 25, is available as a file (pdf - 37kb). Comments on the interim amendment to Regulation E and/or the proposed amendments to Regulations E, B, M, Z, and DD should be submitted to the Board, as specified in the notices, by May 15.