Certified Regulatory Compliance Manager (CRCM) — Question 178

Implemented by _______________, EFTA is intended to provide certain rights to individual consumers using EFT payment systems. It also places responsibilities on financial institutions whose accounts are affected by EFTs.

Answer options

• A. Regulation E (Electronic Fund Transfers)
• B. Regulation F (Electronic Fund Transfers)
• C. Regulation T (Electronic Fund Transfers)
• D. Regulation A (Electronic Fund Transfers)

Correct answer: A

Explanation

The correct answer is A, Regulation E, which specifically addresses the rights of consumers in electronic fund transfers and outlines the obligations of financial institutions. The other regulations listed (B, C, and D) do not pertain to EFTA and do not provide the same consumer protections associated with EFTs.