Regulation E testing requirements

What Regulation E and the remittance transfer rule require

The Consumer Financial Protection Bureau (CFPB) issues Regulation E, 12 CFR Part 1005, under the Electronic Fund Transfer Act, 15 U.S.C. 1693 et seq. (1005.1(a)). Citations follow the 12 CFR Part 1005 text on eCFR (checked on 2026-09-16; eCFR current to 14 September 2026). Subpart A applies to electronic fund transfers (EFTs) that debit or credit a consumer's account (1005.3(a)). A consumer is a natural person, and an account is held primarily for personal, family, or household purposes and includes a prepaid account (1005.2(b), 1005.2(e)). Subpart B applies to remittance transfer providers.

• Unauthorized transfers, 1005.6. A consumer who reports a lost or stolen access device within two business days after learning of the loss owes at most the lesser of $50 or the transfers before notice (6(b)(1)). Later notice raises the cap to $500 (6(b)(2)). A consumer who reports an unauthorized EFT within 60 days of the statement transmittal avoids liability for later transfers (6(b)(3)).
• Preauthorized transfers, 1005.10. Recurring debits need a written authorization signed or similarly authenticated by the consumer (10(b)). A stop-payment order given at least three business days before the scheduled date is honoured (10(c)).
• Error resolution, 1005.11. The institution handles oral or written notices received within 60 days after the statement that first shows the error (11(b)(1)). It determines whether an error occurred within 10 business days, reports within three business days after the investigation, and corrects within one business day after the determination (11(c)(1)). It may take up to 45 days if it provisionally credits the account within 10 business days and informs the consumer within two business days after that credit (11(c)(2)). For a transfer within 30 days after the first deposit to a new account, the 10-business-day limits become 20 business days (11(c)(3)(i)). The 45-day limit becomes 90 days for those new account transfers, point-of-sale debit card transfers, and transfers not initiated within a State (11(c)(3)(ii)). After it debits a provisional credit and notifies the consumer, the institution honours checks and preauthorized transfers for five business days without overdraft charges, for items it would have paid had the credit stayed (11(d)(2)).
• Record retention, 1005.13(b). Evidence of compliance is kept for at least two years.
• Prepaid accounts, 1005.18. Short form and long form disclosures come before acquisition (18(b)). An institution that skips periodic statements offers the balance by telephone, 12 months of electronic history, and 24 months of written history on request (18(c)(1)). Statements and histories show every fee, with monthly and year-to-date fee totals (18(c)(4) and (c)(5)).
• Remittance transfers, 1005.30 to 1005.36. Transfers of $15 or less are excluded (30(e)(2)(i)). The pre-payment disclosure shows Transfer Amount, Transfer Fees, Transfer Taxes, Total, Exchange Rate, Other Fees, and Total to Recipient (31(b)(1)). The exchange rate is rounded consistently per currency to two, three, or four decimal places, and recipient amounts use the rate before rounding (31(b)(1)(iv) and (vii)). The receipt adds Date Available, error and cancellation rights, and state agency and CFPB contacts (31(b)(2)). A sender asserts an error within 180 days after the disclosed date of availability; the provider investigates within 90 days and reports within three business days (33(b)(1), 33(c)(1)). A cancellation request received within 30 minutes after payment, before pickup or deposit, gets a refund of the total including fees within three business days (34).

A CFPB proposal of 30 September 2024 (89 FR 79456) would reword the 1005.31(b)(2)(vi) contact statement; the CFPB rulemaking page (checked on 2026-09-16) lists no final rule.