In late March, the Consumer Financial Protection Bureau (“CFPB”) issued final rules amending Regulation E, 12 C.F.R. § 1005.16, which implements the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq. (“EFTA”), and Regulation Z, 12 C.F.R. § 1026.52(a), which implements the Truth in Lending Act, 15 U.S.C. § 1601 et seq. (“TILA”).
The amendment to Regulation E implements a recent amendment to EFTA, which eliminated the requirement that a fee notice be posted on or at an automated teller machine (“ATM”). The amendment to Regulation Z refines the implementation of section 127(n)(I) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”) by providing that section 127(n)(I)’s 25 percent fee cap on credit card fees applies only to fees charged during the first year after the date of account opening. Each of these amendments are discussed in detail below.