§ 1693b.
(a)
Prescription by the Bureau and the Board
(2)
Authority of the Board
The Board shall have sole authority to prescribe rules—
(B)
to carry out the purposes of section 1693o–2 of this title.
In prescribing such regulations, the Board shall:
(1)
1
So in original. See 2010 Amendment note below.
consult with the other agencies referred to in section 1693
o 2
See References in Text note below.
of this title and take into account, and allow for, the continuing evolution of electronic banking services and the technology utilized in such services,
(2)
1 prepare an analysis of economic impact which considers the costs and benefits to financial institutions, consumers, and other users of electronic fund transfers, including the extent to which additional documentation, reports, records, or other paper work would be required, and the effects upon competition in the provision of electronic banking services among large and small financial institutions and the availability of such services to different classes of consumers, particularly low income consumers,
(3)
1 to the extent practicable, the Board shall demonstrate that the consumer protections of the proposed regulations outweigh the compliance costs imposed upon consumers and financial institutions, and
(4)
1 any proposed regulations and accompanying analyses shall be sent promptly to Congress by the Board.
(d)
Applicability to service providers other than certain financial institutions
(2)
State and local government electronic benefit transfer systems
(A)
“Electronic benefit transfer system” defined
In this paragraph, the term “electronic benefit transfer system”—
(i)
means a system under which a government agency distributes needs-tested benefits by establishing accounts that may be accessed by recipients electronically, such as through automated teller machines or point-of-sale terminals; and
(ii)
does not include employment-related payments, including salaries and pension, retirement, or unemployment benefits established by a Federal, State, or local government agency.
(C)
Exception for direct deposit into recipient’s account
(D)
Rule of construction
No provision of this paragraph—
(i)
affects or alters the protections otherwise applicable with respect to benefits established by any other provision
3
So in original. Probably should be followed by “of”.
Federal, State, or local law; or
(ii)
otherwise supersedes the application of any State or local law.
(3)
Fee disclosures at automated teller machines
(A)
In general
The regulations prescribed under paragraph (1) shall require any automated teller machine operator who imposes a fee on any consumer for providing host transfer services to such consumer to provide notice in accordance with subparagraph (B) to the consumer (at the time the service is provided) of—
(i)
the fact that a fee is imposed by such operator for providing the service; and
(ii)
the amount of any such fee.
(C)
Prohibition on fees not properly disclosed and explicitly assumed by consumer
No fee may be imposed by any automated teller machine operator in connection with any electronic fund transfer initiated by a consumer for which a notice is required under subparagraph (A), unless—
(i)
the consumer receives such notice in accordance with subparagraph (B); and
(ii)
the consumer elects to continue in the manner necessary to effect the transaction after receiving such notice.
(D)
Definitions
For purposes of this paragraph, the following definitions shall apply:
(i)
Automated teller machine operator
The term “automated teller machine operator” means any person who—
(I)
operates an automated teller machine at which consumers initiate electronic fund transfers; and
(II)
is not the financial institution that holds the account of such consumer from which the transfer is made.
(ii)
Electronic fund transfer
(iii)
Host transfer services
(e)
Deference
No provision of this subchapter may be construed as altering, limiting, or otherwise affecting the deference that a court affords to—
(1)
the Bureau in making determinations regarding the meaning or interpretation of any provision of this subchapter for which the Bureau has authority to prescribe regulations; or
(2)
the Board in making determinations regarding the meaning or interpretation of section 1693o–2 of this title.
([Pub. L. 90–321, title IX, § 904], as added [Pub. L. 95–630, title XX, § 2001], Nov. 10, 1978, [92 Stat. 3730]; amended [Pub. L. 104–193, title VIII, § 891], title IX, § 907, Aug. 22, 1996, [110 Stat. 2346], 2350; [Pub. L. 106–102, title VII, § 702], Nov. 12, 1999, [113 Stat. 1463]; [Pub. L. 111–203, title X], §§ 1073(a)(2), 1084(1), (3), July 21, 2010, [124 Stat. 2060], 2081; [Pub. L. 112–216, § 1], Dec. 20, 2012, [126 Stat. 1590].)