Circular
Regulation E -- Electronic Fund Transfers
July 23, 1996
Circular No. 10862

Extension of Comment Period on Proposal

To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District:

The following statement was issued by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board has extended the comment period from August 1 to September 6 on its proposal to amend Regulation E, Electronic Fund Transfers.

The proposed amendments address the treatment of stored-value cards (imposing modified Regulation E requirements on stored-value products in some systems and providing an exemption for others); the use of electronic communication in home-banking services for providing disclosures and other documentation; and error resolution procedures for new accounts. The extension is granted in response to requests for additional time to provide comments.

The text of the Board's official notice in this matter, as printed in the Federal Register of July 17. (The original proposal was included in our Circular No. 10848, dated May 6, 1996.) Comments thereon should be submitted, by September 6, 1996, to the Board, as specified in the notice, or to our Compliance Examinations Department.