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Reg E Dispute Resolution Letter

Question: 
Does Regulation E require you to send dispute resolution letter with all information regarding the transaction, or can we send a generic letter? "Your claim is denied ,"or "your dispute is valid" with no information regarding the date and amount of the transaction? I was always under the impression you had to provide that information in a closure letter.
Answer: 

If you are accepting the consumers dispute, no written notice is required by Reg E. If you are denying the customer's claim, ยง1005.11(d) requires a written notification:

In addition to following the procedures specified in paragraph (c) of this section, the financial institution shall follow the procedures set forth in this paragraph (d) if it determines that no error occurred or that an error occurred in a manner or amount different from that described by the consumer:

The institution's report of the results of its investigation shall include a written explanation of the institution's findings and shall note the consumer's right to request the documents that the institution relied on in making its determination. Upon request, the institution shall promptly provide copies of the documents.

First published on 05/19/2019

Filed under: 
Operations
Filed under operations as: 
Reg. E
Debit Cards

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