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 that offer these services
Regulation E: Implements the EFTA and provides guidelines for electronic fund transfers, including direct deposits and consumer protections
NACHA Rules: Operating rules for the ACH Network that govern direct deposit transactions and other electronic payments
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data
Bank Secrecy Act: Requires financial institutions to assist government agencies in detecting and preventing money laundering
USA PATRIOT Act: Includes requirements for identity verification in financial transactions to prevent terrorism and money laundering
Fair Labor Standards Act: Federal law governing wage payment methods including electronic payments and direct deposits for employment purposes
State Wage Payment Laws: State-specific regulations governing how employees can be paid and requirements for direct deposit authorization
IRS Requirements: Federal tax regulations regarding record keeping for financial transactions and direct deposits
State Data Protection Laws: State-specific requirements for protecting sensitive financial and personal information in banking transactions
NACHA Record Retention Rules: Specific requirements for maintaining records of ACH transactions and authorizations
Federal Reserve Regulations: Guidelines and requirements set by the Federal Reserve for ACH transactions and direct deposits
