Electronic Fund Transfer Act (EFTA): Primary federal law governing electronic fund transfers, establishing rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
Regulation E: Federal Reserve regulation implementing the EFTA, providing a framework for electronic banking transactions and consumer protections.
NACHA Operating Rules: Rules governing the ACH Network, establishing requirements for ACH transactions, including formatting, timing, and settlement.
UCC Article 4A: Uniform Commercial Code article governing wholesale wire transfers and commercial ACH transactions between businesses.
CFPB Regulations: Consumer Financial Protection Bureau regulations providing additional consumer protections for financial transactions.
Fair Debt Collection Practices Act: Federal law restricting debt collection practices, relevant if ACH debits are used for debt collection.
State Electronic Transaction Laws: State-specific regulations governing electronic transactions and digital signatures.
State Banking Regulations: State-level banking laws that may impose additional requirements on ACH transactions.
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain information-sharing practices and protect sensitive customer data.
Authorization Requirements: Specific requirements for obtaining and maintaining valid authorization for ACH debits from account holders.
Error Resolution Procedures: Mandatory procedures for handling disputed transactions and errors in ACH processing.
Record Retention Requirements: Legal obligations for maintaining records of ACH authorizations and transactions for specified periods.
