Dec. 4, 2006 News Archive

Board Approves Reg E Final Rule on Customer Authorization; Requests Comment on Proposed Rule offsite link
In a press release, the Board announced the approval of a final rule regarding consumer authorization requirements when a person, such as a merchant, seeks to electronically collect a fee for checks or other items that are returned unpaid. The effective date of the final rule is Jan. 1, 2007; however, certain provisions regarding the content of notices that must be provided to consumers in point-of-sale transactions have a delayed compliance date of Jan. 1, 2008.

In a separate action, the Board requested public comment on a proposed rule offsite link to except transactions of $15 or less from Regulation E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. Comments will be accepted within 60 days following publication in the Federal Register. (PDF)

Board Releases Latest Beige Book offsite link
In the Nov. 29 Beige Book, most Federal Reserve Districts report moderate growth since the last report. New York and Richmond saw growth accelerated, and Dallas indicated activity continued to decline from high levels. Atlanta reported mixed activity. Details, including individual Reserve Bank summaries, are available in the full report.