Payroll Card Accounts Covered By Reg E

The final rule grants flexibility to financial institutions that must provide account transaction information to payroll card users. Under the rule, institutions are not required to provide paper periodic statements to consumers if the institution makes account transaction information available by telephone, electronically, and, upon the consumer's request, in writing. The amendments to address payroll card accounts are being made to Regulation E, which implements the Electronic Fund Transfer Act, and to the official staff commentary, which interprets the requirements of Regulation E. The effective date is July 1, 2007.