(a) Authority. The regulation in this part,known as Regulation E, is issued by the
Board of Governors of the Federal Reserve System pursuant to the Electronic
Fund Transfer Act (15 USC 1693 et seq.). The information-collection
requirements have been approved by the Office of Management and Budget under
44 USC 3501 et seq. and have been assigned OMB No. 7100-0200.
(b) Purpose. This part carries out the purposes of the Electronic Fund Transfer Act,
which establishes the basic rights, liabilities, and responsibilities of
consumers who use electronic fund transfer services and of financial
institutions that offer these services. The primary objective of the act and
this part is the protection of individual consumers engaging in electronic
fund transfers.
