August 29, 2005 News Archive

Proposed Amendments to Regulation E
On August 19, 2005, the Federal Reserve Board published proposed amendments to Regulation E, which implements the Electronic Fund Transfer Act. Also, amendments to the regulation's official staff commentary that clarify the disclosure obligations of ATM operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM are proposed. The commentary interprets the requirements of Regulation E to facilitate compliance primarily by financial institutions that offer electronic fund transfer services to consumers. The Board is continuing to consider other issues that were addressed in its proposed September 2004 update to Regulation E.

Comments are due on or before October 7, 2005.

Reflections on Central Banking
On August 26, at the annual symposium sponsored by the Federal Reserve Bank of Kansas City, in Jackson Hole, Wyoming, Chairman Greenspan addressed developments in the past eighteen years---both in the economy and in the economics profession--- that were most important in changing the way the Federal Reserve has approached and implemented monetary policy.