Electronic Fund Transfer Act (EFTA): Federal law that establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services.
Regulation E: Implements the EFTA and provides the basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
UCC Article 4A: Governs commercial wire transfers and other wholesale electronic payments between businesses and financial institutions.
NACHA Operating Rules: Comprehensive set of rules and regulations that govern the ACH Network and establish the obligations and responsibilities of financial institutions.
CFPB Regulations: Consumer Financial Protection Bureau rules that ensure consumer protection in financial transactions and services.
Fair Credit Billing Act: Protects consumers from unfair billing practices and provides mechanism for addressing billing errors in electronic fund transfers.
Gramm-Leach-Bliley Act: Requires financial institutions to explain their information-sharing practices and protect sensitive data.
State Banking Regulations: State-specific laws governing banking operations and electronic transactions within individual states.
Bank Secrecy Act: Requires financial institutions to assist government agencies in detecting and preventing money laundering through electronic transactions.
USA PATRIOT Act: Includes requirements for customer identification and verification in financial transactions to prevent terrorism financing.
