Important/Action Requested: Regulation E Changes " href="http://www.camsbycbs.com/wordpress/?p=866" rel="bookmark">For all Credit Unions licensed for ATM/Debit Cards
On November 17, 2009, the Federal Reserve Board released its final ruling on changes to Regulation E. These changes limit a financial institution’s ability to charge overdraft fees.
This change requires institutions to provide consumers with the right to opt in (consent) to an overdraft service for ATM and one-time debit card payment transactions. This change applies to all accounts covered under Regulation E, including prepaid payroll cards and ATM. These changes are effective July 1, 2010.
Requested Action: As soon as possible, please contact your Debit card processor and obtain their file specification(s) for identifying one-time versus recurring debit card transactions. This will help us ensure that we integrate your processor’s changes with our updates to CAMS-ii.
Please do not assume that we have the specifications or that someone else will send them, we would rather receive a dozen extra copies than not to receive any at all.
Once you receive the specifications, please submit an issue to the CBS Issue Tracking System as follows:
+ Issue Type: 05-CAMS-ii Software Support (non-urgent)
+ Summary: Regulation E – Debit Card File Information
+ Description: Processor Name:
Processor Contact Name:
Processor Contact e-mail/phone#
+ Attachment Tab: Specifications that you received from your Debit card processor.
Please address any questions concerning this announcement to the CBS Issue Tracking System.