10 Minutes excerpt from the recorded event for your review:
Read the LinkedIn Article:
LinkedIn Article - Mastering Error Resolution: Reg E vs Nacha Operating Rules
In this LinkedIn article we've encapsulated the entire session's discussions and insights.
Overview:
Navigating
the intricacies of error resolution within electronic financial transactions
requires a sophisticated understanding of the regulatory frameworks that govern
these processes. This webinar is designed to provide a comprehensive
exploration of Regulation E (Reg E) and the Nacha Operating Rules, essential
regulations that dictate the standards for electronic fund transfers and the
handling of disputes within the Automated Clearing House (ACH) network.
Regulation
E, established by the Federal Reserve, is a cornerstone of consumer financial
protection specifically tailored to electronic payments and transfers. It
mandates strict guidelines for financial institutions to follow when errors are
reported by consumers, ensuring that these errors are handled promptly and
fairly. Understanding the scope and details of Reg E is crucial for
professionals in the financial sector, as it delineates the procedures for
investigating claims and the responsibilities for rectifying errors.
Parallel
to Regulation E, the Nacha Operating Rules serve as the regulatory backbone for
the ACH network, which facilitates a vast majority of electronic transactions
in the United States. These rules provide a structured approach to handling
transactions, including how errors and unauthorized transactions should be
managed. The webinar will cover the key aspects of these rules, focusing on the
responsibilities of financial institutions under this framework.
This
session will also delve into the recent updates to both Reg E and the Nacha
Operating Rules. With the financial landscape continually evolving, recent
amendments have been made to these regulations to address new challenges and
technological advancements in electronic banking. Understanding these changes
is vital for maintaining compliance and optimizing error resolution processes.
Furthermore,
the webinar will provide context on how these regulations affect day-to-day
operations within banks and other financial institutions. It will highlight
common compliance pitfalls and offer insights into best practices for error
management, based on real-life scenarios and expert interpretations.
Participants
will leave the webinar with a deeper comprehension of how Regulation E and the
Nacha Operating Rules interrelate and impact the overall framework of error
resolution. This knowledge is essential for enhancing operational effectiveness
and ensuring robust consumer protection in the dynamic environment of
electronic financial transactions.
Areas
Covered during the session:
- Timeframes
for consumer when reporting errors to the financial institution
- Consumer
liability and responsibility for unauthorized transactions
- Financial
Institution liability and responsibility when handling errors to consumer
accounts
- Identify
what is covered by Regulation E and what is not covered
- List
details on “What is an Error” in Reg E and the Nacha Operating Rules
- Define
the Error Resolution Process including timeframes
- Outline
the process when returning unauthorized transactions in the ACH network,
including when to use R10 vs. R11 (due to recent Rules changes)
Why
you should attend?
In
the financial sector, adeptly handling unauthorized transactions and
understanding the associated regulatory responsibilities is critical for
compliance, consumer protection, and maintaining trust. This webinar provides
an essential guide to navigating the complexities of Regulation E and the Nacha
Operating Rules, crucial for any professional involved in the management of
electronic payments and error resolution processes.
Participants
will gain in-depth knowledge of Regulation E, which mandates a specific error
resolution process for electronic payments affecting consumer accounts. The
webinar will also cover detailed aspects of the Nacha Operating Rules,
particularly how to handle unauthorized ACH transactions effectively, including
strategic uses of the updated Return Reason Codes R10 and R11. This knowledge
is vital for ensuring that financial institutions manage these situations with
both compliance and efficiency.
Moreover,
this session offers an opportunity to see these regulations in action through
the examination of real-life scenarios, enhancing your practical understanding
and ability to apply these rules effectively. By attending, you will enhance
your skills in managing compliance-related challenges, reducing potential
financial losses, and improving customer satisfaction through proficient
dispute resolution.
Join
us to step ahead in your professional capability, ensuring your institution
remains compliant and ahead of regulatory changes in the dynamic landscape of
financial transactions.
Who
will benefit?
- Compliance
Officers
- Risk
Managers
- Operations
Managers
- Financial
Analysts
- Bank
Managers
- Customer
Service Managers
- Audit
Specialists
- Legal
Advisors in Financial Services
- Treasury Professionals
- Payment Processing Managers
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years’ experience. She has designed and facilitated over 150 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences). Ms. Olheiser is also an experienced project manager managing education programs for organizations processing electronic payments and developing personalized training programs for financial institutions.
She has over 23 years of experience in the financial services industry which includes 9 years’ experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).
Her extensive knowledge, enthusiasm and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser’s ability to engage the learner through the entire training event helps the adult learner apply what they’ve learned during and after each training session.
Enrollment Options
Tags: Regulation E, Nacha Rules, Financial Compliance, Error Resolution, Compliance Webinar, ACH Transactions, Donna, Olheiser, June 2024,