Plain English Breakdown
The official source does not specify the exact composition or roles of all members in the work group, leaving some details uncertain.
Work Group for Electronic Fund Transfer Fraud
This act requires the Attorney General's office to create a work group that will study fraudulent activities involving electronic fund transfers and suggest ways to prevent them.
What This Bill Does
- Directs the Office of the Attorney General to convene a work group to review the Electronic Funds Transfers Act (EFTA) and Regulation E, as well as assess reports of fraudulent activity using electronic fund transfers.
- Develop recommendations to aid individuals in preventing and mitigating fraudulent activities involving electronic fund transfers.
- Includes representatives from various organizations such as financial institutions, consumer advocacy groups, and state agencies in the work group.
Who It Names or Affects
- The Office of the Attorney General
- Financial institutions like banks and credit unions
- Consumer advocacy groups
- State agencies involved in financial regulation
Terms To Know
- Electronic Funds Transfers Act (EFTA)
- A federal law that sets rules for electronic fund transfers to protect consumers.
- Regulation E
- Federal regulations under the Electronic Funds Transfers Act that provide specific guidelines on how financial institutions must handle electronic transactions.
Limits and Unknowns
- The bill does not specify what actions will be taken based on the work group's recommendations.
- It is unclear if and how the findings of the work group will be implemented into law or policy.