Electronic Fund Transfer Act (EFTA): Federal law that establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions or other entities that offer these services.
Regulation E: Implements the Electronic Fund Transfer Act, providing a framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
NACHA Rules: Operating rules established by the National Automated Clearing House Association that govern the exchange of ACH payments between financial institutions.
Bank Secrecy Act: Requires financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record-keeping.
Gramm-Leach-Bliley Act (GLBA): Federal law that requires financial institutions to explain their information-sharing practices to customers and protect sensitive data.
Financial Privacy Rule: Part of GLBA that requires financial institutions to provide privacy notices and give customers the right to opt out of having their information shared with certain third parties.
Safeguards Rule: Requires financial institutions to develop, implement, and maintain comprehensive information security programs to protect customer information.
CFPB Regulations: Consumer Financial Protection Bureau regulations that provide additional consumer protections for financial services and transactions.
Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information, including regulations affecting financial transactions.
State Banking Regulations: Varying state-specific requirements governing banking operations and electronic fund transfers within individual states.
State Electronic Transaction Laws: State-specific laws governing electronic transactions and digital signatures, which may affect direct deposit agreements.
State Privacy Laws: State-specific regulations regarding the protection and handling of personal and financial information.
Fair Labor Standards Act (FLSA): Federal law establishing wage, overtime, and recordkeeping requirements, which may impact payroll direct deposit arrangements.
State Wage Payment Laws: State-specific laws governing the timing and method of wage payments, including regulations on mandatory direct deposit.
