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GAO-10-900R 1 (2010-07-13)

handle is hein.gao/gaobadxbn0001 and id is 1 raw text is: im T V WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-320110 July 13, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Electronic Fund Transfers Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Reserve System (the Board), entitled Electronic Fund Transfers (Docket No. R-1343). We received the rule on June 28, 2010. It was published in the Federal Register as a final rule on June 4, 2010. 75 Fed. Reg. 31,665. On November 17, 2009, the Board published a final rule under Regulation E, which implements the Electronic Fund Transfer Act (EFTA), limiting the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions, which has a mandatory compliance date of July 1, 2010. See 74 Fed. Reg. 59,033. Since the November 2009 publication of the Regulation E final rule, institutions have requested clarification of particular aspects of the rule and further guidance regarding compliance with the rule. In addition, certain technical corrections are necessary. This final rule is amending Regulation E and the official staff commentary to clarify certain aspects of the Regulation E final rule. GAO-10-900R

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