2025 Regulatory Summit

• An EFT is "any transfer of funds, … which is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account."15 U.S.C. § 1693a (7)(b). • Among a list of transactions excluded from the definition is "any transfer of funds, other than those processed by automated clearinghouse, made by a financial institution on behalf of a consumer by means of a [wire service].“ EFTA

EFTA & Regulation E

Regulation E

• Reg. E excludes "wire or other similar transfers" from EFTA’s definition of "electronic fund transfer." See 12 C.F.R. § 1005.3(c)(3); 12 C.F.R. § 205.3(c)(3). • Many courts have cited Regulation E's definition of "electronic fund transfer" to support their findings that the EFTA does not regulate wire transfers.

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Regulatory Landscape

Payment Method

P2P

B2C / C2B

B2B

FedNow

Reg. E Reg. J, Sub. C FedNow Operating Rules

Reg. E Reg. J, Sub. C FedNow Operating Rules

Reg. J, Sub. C UCC 4A FedNow Operating Rules

Wire

Reg. J, Sub. C Operating Circular 6

Reg. J, Sub. C Operating Circular 6

Reg. J, Sub. C UCC 4A Operating Circular 6 6

ACH

Reg. E NACHA Rules

Reg. E NACHA Rules

UCC 4A NACHA Rules

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