Independent Banker - February 2019 - 32

PORTFOLIO
Transaction compliance
from E to Z
Compliance
From smartphones to credit cards,
modern consumers are making a
wide variety of transactions, and each have their own
regulatory requirements. By Mary Thorson Wright
lastic was just the beginning. Consumers now
make purchases and transfer funds in what seems like
innumerable ways. A community bank must recognize
transactions covered by the Electronic Fund Transfers Act
(EFTA), or Regulation E, and those covered by the Truth in
Lending Act (TILA), or Regulation Z. How do these regulations
compare for coverage, disclosure requirements, error
resolution or billing errors? When does each apply?
Coverage
The EFTA covers basic rights, liabilities and responsibilities
of consumers who use electronic fund transfer services,
32 Q ICBA Independent Banker Q February 2019
P
and of financial institutions or other persons that offer the
services. Electronic fund transfer (EFT) means any transfer
of funds initiated through an electronic terminal, a telephone,
a computer or a magnetic tape to order, instruct or
authorize a financial institution to debit or credit a consumer's
account. It could be preauthorized by the consumer to
occur once or on a continuing basis. Debit card purchases
and purchases for which the merchant scans the Magnetic
Ink Character Recognition (MICR) on a consumer's check
at the point of sale are typical EFTs. Funds typically come
from a deposit account.
When a consumer conducts an EFT, there may not be
enough money in their deposit account and the transaction
could be denied. If he or she has an overdraft line, or if the
bank chooses to allow a draw on a line of credit, what began
as a purchase covered by Regulation E could now be subject
to overdraft line of credit rules under Regulation Z.

Independent Banker - February 2019

Table of Contents for the Digital Edition of Independent Banker - February 2019

Table of Contents
Independent Banker - February 2019 - Cover1
Independent Banker - February 2019 - Cover2
Independent Banker - February 2019 - Table of Contents
Independent Banker - February 2019 - 2
Independent Banker - February 2019 - 3
Independent Banker - February 2019 - 4
Independent Banker - February 2019 - 5
Independent Banker - February 2019 - 6
Independent Banker - February 2019 - 7
Independent Banker - February 2019 - 8
Independent Banker - February 2019 - 9
Independent Banker - February 2019 - 10
Independent Banker - February 2019 - 11
Independent Banker - February 2019 - 12
Independent Banker - February 2019 - 13
Independent Banker - February 2019 - 14
Independent Banker - February 2019 - 15
Independent Banker - February 2019 - 16
Independent Banker - February 2019 - 17
Independent Banker - February 2019 - 18
Independent Banker - February 2019 - 19
Independent Banker - February 2019 - 20
Independent Banker - February 2019 - 21
Independent Banker - February 2019 - 22
Independent Banker - February 2019 - 23
Independent Banker - February 2019 - 24
Independent Banker - February 2019 - 25
Independent Banker - February 2019 - 26
Independent Banker - February 2019 - 27
Independent Banker - February 2019 - 28
Independent Banker - February 2019 - 29
Independent Banker - February 2019 - 30
Independent Banker - February 2019 - 31
Independent Banker - February 2019 - 32
Independent Banker - February 2019 - 33
Independent Banker - February 2019 - 34
Independent Banker - February 2019 - 35
Independent Banker - February 2019 - 36
Independent Banker - February 2019 - 37
Independent Banker - February 2019 - 38
Independent Banker - February 2019 - 39
Independent Banker - February 2019 - 40
Independent Banker - February 2019 - 41
Independent Banker - February 2019 - 42
Independent Banker - February 2019 - 43
Independent Banker - February 2019 - 44
Independent Banker - February 2019 - 45
Independent Banker - February 2019 - 46
Independent Banker - February 2019 - 47
Independent Banker - February 2019 - 48
Independent Banker - February 2019 - 49
Independent Banker - February 2019 - 50
Independent Banker - February 2019 - 51
Independent Banker - February 2019 - 52
Independent Banker - February 2019 - 53
Independent Banker - February 2019 - 54
Independent Banker - February 2019 - 55
Independent Banker - February 2019 - 56
Independent Banker - February 2019 - 57
Independent Banker - February 2019 - 58
Independent Banker - February 2019 - 59
Independent Banker - February 2019 - 60
Independent Banker - February 2019 - 61
Independent Banker - February 2019 - 62
Independent Banker - February 2019 - 63
Independent Banker - February 2019 - 64
Independent Banker - February 2019 - 65
Independent Banker - February 2019 - 66
Independent Banker - February 2019 - 67
Independent Banker - February 2019 - 68
Independent Banker - February 2019 - 69
Independent Banker - February 2019 - 70
Independent Banker - February 2019 - 71
Independent Banker - February 2019 - 72
Independent Banker - February 2019 - 73
Independent Banker - February 2019 - 74
Independent Banker - February 2019 - 75
Independent Banker - February 2019 - 76
Independent Banker - February 2019 - 77
Independent Banker - February 2019 - 78
Independent Banker - February 2019 - 79
Independent Banker - February 2019 - 80
Independent Banker - February 2019 - 81
Independent Banker - February 2019 - 82
Independent Banker - February 2019 - 83
Independent Banker - February 2019 - 84
Independent Banker - February 2019 - Cover3
Independent Banker - February 2019 - Cover4
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com