Regulation E: Electronic Fund Transfers

Step Type: Text

What learners will learn: The protections afforded by Regulation E.

Step Description:
The Electronic Fund Transfer Act (EFTA) (Regulation E), issued by the Federal Reserve, establishes the rights, liabilities, and responsibilities of consumers and financial institutions for electronic fund transfers, protecting consumers from unauthorized transactions.

Summary of Content:
This step explains Regulation E, which implements the Electronic Fund Transfer Act. It outlines consumer protections for electronic fund transfers (EFTs), responsibilities of financial institutions, error resolution procedures, and applicable transaction types. It also identifies the role of the CFPB in enforcing Regulation E.

Key Topics Covered:

Step Type: Streak

What learners will learn: The scope and purpose of Regulation E.

Step Description:
Regulation E protects consumers regarding electronic fund transfers (EFTs). In this step, learners will review the law’s purpose, enforcement, and key features.

Summary of Content:
Learners will review how Regulation E protects consumers in EFTs, which agency enforces it, what types of errors can be reported, and its coverage for overdrafts and disclosure requirements.

Key Topics Covered:

Step Type: Sorting

What learners will learn: Covered (and not covered) EFT types.

Step Description:
Which EFTs are covered by Regulation E, and which are not? This interactive step challenges learners to sort various transaction types into covered and non-covered categories.

Summary of Content:
Learners will engage in sorting EFT transaction types, gaining a better understanding of which services fall under the protection of Regulation E and which are excluded.

Key Topics Covered:

Step Type: Text

What learners will learn: Garnishment rules related to Regulation E.

Step Description:
Garnishment rules dictate how financial institutions must handle garnishments of accounts that receive federal benefit payments. This step reviews those rules and their implications.

Summary of Content:
This step explains the Garnishment Rule, which protects certain federal benefit payments from being garnished by most creditors. It outlines which benefits are protected, the procedures financial institutions must follow when receiving a garnishment order, and the responsibilities for determining and preserving protected funds.

Key Topics Covered:

Step Type: Streak

What learners will learn: How the garnishment rule must be applied by financial institutions.

Step Description:
This step breaks down the procedures financial institutions must follow when dealing with garnishment orders on accounts with federal benefit payments.

Summary of Content:
Learners will explore the requirements for determining protected benefit payments, which agencies are involved, the enforcement bodies, and obligations to consumers under the rule.

Key Topics Covered:

Step Type: True or False

What learners will learn: How the garnishment rule must be applied by financial institutions.

Step Description:
This step tests learners’ knowledge on garnishment compliance, including timelines, fee rules, notifications, and ACH identifier usage.

Summary of Content:
Learners will validate their understanding of protected amounts, recordkeeping requirements, allowable fees, model notices, and the use of ACH identifiers.

Key Topics Covered:

Step Type: Crossword

What learners will learn: An overview of the Regulation E and Garnishment Rule.

Step Description:
This crossword challenge reinforces key terminology and concepts related to Regulation E and the Garnishment Rule.

Summary of Content:
Learners will use recall to fill in key concepts such as protected benefits, enforcement agencies, types of covered transactions, and statutory timelines.

Key Topics Covered: