Electronic Fund Transfers, 69500-69504 [E6-20301]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 71, Number 231 (Friday, December 1, 2006)]
[Proposed Rules]
[Pages 69500-69504]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20301]


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FEDERAL RESERVE SYSTEM

12 CFR Part 205

[Regulation E; Docket No. R-1270]


Electronic Fund Transfers

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Proposed rule; request for public comment.

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SUMMARY: The Board is proposing to amend Regulation E, which implements 
the Electronic Fund Transfer Act, and the official staff commentary to 
the regulation, which interprets the requirements of Regulation E. The 
proposed amendments would create an exception for certain small-dollar 
transactions from the requirement that terminal receipts be made 
available to consumers at the time of the transaction.

DATES: Comments must be received on or before January 30, 2007.

ADDRESSES: You may submit comments, identified by Docket No. R-1270, by 
any of the following methods:
     Agency Web Site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include the 
docket number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper form in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: Ky Tran-Trong or David A. Stein, 
Counsels, or Vivian W. Wong, Attorney, Division of Consumer and 
Community Affairs, Board of Governors of the Federal Reserve System, 
Washington, DC 20551, at (202) 452-2412 or (202) 452-3667. For users of 
Telecommunications Device for the Deaf (TDD) only, contact (202) 263-
4869.

SUPPLEMENTARY INFORMATION:

I. Statutory Background

    The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) (EFTA or 
Act), enacted in 1978, provides a basic framework establishing the 
rights, liabilities, and responsibilities of participants in electronic 
fund transfer (EFT) systems. The EFTA is implemented by the Board's 
Regulation E (12 CFR part 205). Examples of the types of transfers 
covered by the Act and regulation include transfers initiated through 
an automated teller machine (ATM), point-of-sale (POS) terminal, 
automated clearinghouse (ACH), telephone bill-payment plan, or remote 
banking service. The Act and regulation provide for the disclosure of 
terms and conditions of an EFT service; documentation of EFTs by means 
of terminal receipts and periodic account activity statements; 
limitations on consumer liability for unauthorized transfers; 
procedures for error resolution; and certain rights related to 
preauthorized EFTs. Further, the Act and regulation also restrict the 
unsolicited issuance of ATM cards and other access devices.
    The official staff commentary (12 CFR part 205 (Supp. I)) 
interprets the requirements of Regulation E to facilitate compliance 
and provides protection from liability under Sections 915 and 916 of 
the EFTA for financial institutions and other persons subject to the 
Act. 15 U.S.C. 1693m(d)(1). The commentary is updated periodically to 
address significant questions that arise.

II. Background

    Historically, consumers have tended to use cash to make small-
dollar purchases, for example, to buy food or beverages from a vending 
machine or to pay for a subway fare.\1\ Data from the payment card 
associations indicates, however, that in certain market segments, 
consumers are increasingly using credit and debit cards in place of 
cash, even for small-dollar transactions.\2\ This shift in consumer

[[Page 69501]]

payment preferences in small-dollar transactions is consistent with 
evidence suggesting the declining use of cash as a share of all 
payments.\3\ Consumers have cited numerous reasons for using debit 
cards over other payment methods, such as cash or checks. These reasons 
include convenience, shorter checkout times, avoiding ATM fees or check 
printing fees, and the ability to track and record payments.\4\
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    \1\ According to one industry estimate, consumers spent more 
than $1 trillion on transactions less than $5 in 2003, with an 
average payment of $3.72. See TowerGroup, ``Making Sense from Cents: 
Trends in the Rebirth of Electronic Micropayments'' (July 2004).
    \2\ See ``More and More Consumers Use Visa to Make Small 
Purchases,'' Visa Press Release (August 24, 2006) (reporting double 
digit growth in the use of payment cards in the first six months of 
2006 compared to the same period in 2005); ``MasterCard PayPass 
Increases Customer Loyalty and Moves Payments Away From Cash,'' 
Master Card Press Release (July 18, 2006). See also TowerGroup, 
``Anticipating Micropayment Growth'' (October 2005) (indicating 
nearly $3 billion in growth (up to $13.5 billion) for transactions 
less than $5 using debit and credit cards between 2003 and 2004).
    \3\ See Geoffrey Gerdes and Jack Walton II, ``Trends in the Use 
of Payment Instruments in the United States,'' Federal Reserve 
Bulletin 180, 181 (Spring 2005).
    \4\ See Ron Borzekowski, Elizabeth Kiser, and Shaista Ahmed, 
``Consumers'' Use of Debit Cards: Patterns, Preferences, and Price 
Response,'' April 2006. Working paper, Federal Reserve Board. See 
also Elizabeth Klee, ``Paper or Plastic? The Effect of Time on Check 
and Debit Card Use at Grocery Stores,'' February 2006. Working 
paper, Federal Reserve Board (concluding that based on an analysis 
of grocery store scanner data, consumer preferences for debit cards 
over checks is significantly driven by the differences in 
transaction time).
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    Merchants, financial institutions and payment card associations 
have responded to the shift in consumer preferences towards non-cash 
methods of payment for small-dollar transactions in various ways. 
Payment card associations have changed their rules to enable quicker 
processing of transactions for both debit and credit cards. For 
example, these associations have waived the signature and personal 
identification number (PIN) authorization requirements for certain 
types of purchases under $25. Moreover, to encourage merchant 
acceptance of payment cards, these associations have also reduced their 
debit and credit card interchange rates for certain small-dollar 
transactions.\5\ In addition, some card issuers have integrated new 
technologies into their products which allow consumers to swipe or wave 
radio frequency-enabled cards or other devices to authorize payment in 
``contactless'' transactions. These initiatives have reduced the amount 
of time consumers spend at checkout, which has in turn allowed 
merchants to process more transactions in the same amount of time.
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    \5\ See, e.g., ``Visa Takes Big Steps Into Small Payments,'' 
Visa Press Release (April 11, 2006).
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III. Summary of Proposed Revision

    When a debit card is used to pay for a purchase at a POS terminal, 
Regulation E requires that a receipt setting forth transaction 
information about the EFT be made available to the consumer at that 
time. The receipt requirement applies whenever an EFT is made at an 
electronic terminal, regardless of the amount of the transaction.
    Board staff has received several industry inquiries asking the 
Board to consider eliminating the receipt requirement at POS terminals 
for small-dollar transactions. According to industry representatives, 
the receipt requirement is a significant impediment to allowing 
consumers to use debit cards to make small-dollar purchases due to the 
cost of installing, servicing, and maintaining printers at POS 
terminals. In addition, in some applications, such as for mass transit, 
the additional time required to provide a receipt to each consumer 
using a debit card to pay for individual fares would add delays that 
would make it operationally unfeasible to allow consumers to use debit 
cards for such transactions.
    In light of the implementation costs and other considerations and 
the uncertain consumer benefit from receipts for small-dollar 
transactions, the Board is proposing to create an exception from the 
terminal receipt requirement for EFTs of $15 or less. The proposed rule 
would facilitate electronic transactions in circumstances where the 
receipt requirement is sufficiently burdensome or impractical so as to 
potentially deter merchants from allowing consumers to use electronic 
methods of payment. Moreover, it is unclear whether consumers typically 
request or retain receipts for small-dollar transactions at POS 
terminals. As further discussed in more detail in the section-by-
section analysis, the Board also believes that the risks to consumers 
of not receiving a receipt for their transactions (and the benefit of 
receiving a receipt) would be minimal given the small value of the 
transaction. In particular, the Board notes that consumers would 
continue to receive a listing of each transaction on their periodic 
statements, regardless of the transaction amount, and would have the 
right to assert errors that may arise from any such transaction, 
provided such notice was provided within the required time frames.

IV. Section-by-Section Analysis

Section 205.9 Receipts at Electronic Terminals; Periodic Statements

    Under Sec.  205.9(a), when a consumer initiates an EFT at an 
electronic terminal, a receipt reflecting the transaction details must 
be made available to the consumer at the time of the transaction. An 
electronic terminal is defined as any electronic device (other than a 
telephone operated by a consumer) through which a consumer may initiate 
an EFT. Electronic terminals include, but are not limited to, POS 
terminals, ATM machines, and cash dispensing machines. See Sec.  
205.2(h).\6\ Proposed Sec.  205.9(a)(2) would except EFTs of $15 or 
less from the requirement that financial institutions make a terminal 
receipt available at the time of the transaction.
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    \6\ The terminal receipt requirement does not apply to 
transactions initiated through a telephone operated by a consumer, 
or to transactions initiated by a consumer ``by a means analogous in 
function to a telephone.'' Thus, the receipt requirement does not 
apply to Internet transactions, where a consumer uses a computer to 
visit a merchant's web site to purchase goods or services. See Sec.  
205.2(h); comment 2(h)-1(ii).
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    The National Commission on Electronic Fund Transfers, whose 
recommendations provided much of the basis for the EFTA, deemed the 
requirement to make available terminal receipts at the time a consumer 
initiates an EFT at an electronic terminal necessary to provide 
consumers, ``at a minimum, records that provide the same information 
and can be used in the same way as cancelled checks.'' \7\ The 
legislative history of the Act indicates that Congress was similarly 
concerned about the importance of terminal receipts for EFTs as 
evidence of the transaction. In particular, Senate Banking Committee 
Reports noted that ``receipts * * * would give the consumer written 
verification of the amount, date, and type of transfer and the person 
paid.'' S. Rep. No. 915, 95th Cong., 2d Sess. 5 (1978).\8\ Receipts may 
also serve to assist consumers in tracking their purchases for account 
management purposes.
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    \7\ National Commission on Electronic Fund Transfers, EFT in the 
United States: Policy Recommendations in the Public Interest 47-48 
(1977).
    \8\ See also S. Rep. No. 1273, 95th Cong., 2d Sess. 30 (1978); 
H.R. Rep. No. 1315, 95th Cong., 2d Sess. 6 (1978).
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    According to industry representatives, start-up, servicing, and 
maintenance costs arising from the terminal receipt requirements pose a 
significant obstacle to the industry's efforts to offer cashless 
payment options for small-dollar purchases in certain retail 
environments. For example, in retail environments which exclusively 
handle small-dollar transactions, such as vending machines or parking 
meters, installing and maintaining additional equipment capable of 
providing terminal receipts may not be cost-effective. In other 
circumstances, the requirement to provide receipts may be impractical, 
such as in the case of mass-transit systems where the time required to 
print a receipt for each consumer purchasing single fares with a debit 
card

[[Page 69502]]

would cause delays that would significantly conflict with a transit 
system's need to handle a heavy volume of transactions within short 
time periods. Anecdotally, industry representatives also report that in 
retail environments in which the transaction amount is typically low, 
such as convenience stores and quick-service restaurants, consumers 
often choose not to request or retain receipts for those transactions. 
Thus, in the absence of any relief from the receipt requirement, 
merchants may choose to forego the acceptance of debit cards entirely, 
thereby limiting consumer payment choices.
    To facilitate the ability of consumers to use electronic payment 
methods in circumstances where providing receipts may not be practical 
or cost-effective, the Board is proposing to exercise its authority 
under Section 904(c) of the EFTA to create a limited exception from the 
terminal receipt requirement for small-dollar transactions.\9\ In 
weighing the appropriateness for the exception, the Board has also 
considered that the consumer benefit from receiving receipts is likely 
to be minimal for these transactions. While receipts may be important 
for consumers for moderate to high value transactions, the Board 
believes that receipts are less significant for transactions of 
relatively small amounts because consumers are less likely to retain 
them for proof of payment or for account management purposes given the 
limited risk of loss to the consumer. Moreover, consumers will continue 
to receive a record of each transaction on monthly periodic 
statements.\10\ In the event of a double debit or incorrect EFT amount 
in connection with a small-dollar purchase, the consumer would retain 
the right to assert an error arising from that transaction with his or 
her financial institution. In light of these considerations, Sec.  
205.9(e) of the proposed rule would provide financial institutions an 
exception from the requirement to provide a receipt at the time the 
consumer initiates an EFT at an electronic terminal where the value of 
the transaction is $15 or less. The exception would apply to all types 
of transfers initiated by a consumer at an electronic terminal, 
including signature-based and personal identification number (PIN)-
based debits from the consumer's account. To simplify the rule and in 
light of the broad definition of EFT under the regulation, the proposed 
exception would also apply to deposits at ATMs or other electronic 
terminals of $15 or less. See Sec.  205.3(b)(1); comment 3(b)(1)-1(i). 
However, the Board anticipates that financial institutions would, for 
operational reasons, continue to make receipts available for ATM 
transactions, regardless of the amount of the transfer.
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    \9\ Section 904(c) of the EFTA provides that the rules issued by 
the Board ``may contain such classifications, differentiations, or 
other provisions, and may provide for any adjustments and exceptions 
for any class of electronic fund transfers'' that in the judgment of 
the Board are ``necessary or proper to effectuate the purposes of 
[the Act], to prevent circumvention or evasion thereof, or to 
facilitate compliance therewith.''
    \10\ Consumers that wish to keep a contemporaneous record of 
their transactions could of course deduct the transaction amount 
promptly in their check registers or use a similar account 
reconciliation process.
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    In proposing the $15 threshold under which no terminal receipt 
would be required, the Board has considered a variety of factors, 
including the average dollar transaction amount for the various market 
segments for which this relief would be most useful \11\ and the 
benefit to consumers from receiving a receipt in these transactions. 
While it appears that a threshold of $5 or less would enable consumers 
to use debit cards in the vast majority of the retail environments 
where cashless payment options are contemplated, the Board believes a 
$5 threshold would not be flexible enough to accommodate price 
increases that may occur over time. In addition, setting too low a 
threshold may impede the future acceptance of cashless methods of 
payments in additional retail environments, such as for parking meters 
and commuter rail systems.\12\ The Board believes the $15 threshold 
would provide sufficient flexibility for the industry to accommodate 
consumer preferences for electronic forms of payment instead of cash in 
a variety of circumstances while ensuring that consumer protections 
provided by the regulation's receipt provisions would be retained for 
moderate to higher-dollar transactions in which consumers may have more 
need for evidence of payment and for error resolution purposes. Comment 
is requested on whether any additional consumer protections are 
necessary for consumers who would not receive receipts under the 
proposed rule. Comment is also requested on the dollar amount threshold 
set forth in the proposed rule.
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    \11\ Vending industry data indicates that the average cost in 
2005 for food and beverages sold in vending machines was about 75 
cents for candy, $1 for bottled beverages, and $2 for frozen and 
refrigerated food products. Automatic Merchandiser 40-62 (August 
2006). In addition, a survey of major transit systems in Boston, 
Chicago, New York, and Washington, DC, indicates maximum one-way 
fares ranging between $2 and $5 for subway systems.
    \12\ For example, commuter one-way peak fares on the Long Island 
Railroad (LIRR) to or from New York's Pennsylvania Station range 
from just under $6 to $20. See LIRR fare map (effective March 1, 
2005), available at https://www.mta.nyc.ny.us (visited October 15, 
2006). Similarly, one payment card association reported that in 
2004, its average ticket for fast-food purchases using debit and 
credit cards was just under $12. See John Stewart, ``Micropayments, 
Macro-Market?'' Digital Transactions (May 2005).
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Section 205.11 Procedures for Resolving Errors

11(a) Definition of Error
    New comment 11(a)-6 would provide that the fact that an institution 
does not make a terminal receipt available for a transaction of $15 or 
less is not a billing error for purposes of Sec. Sec.  205.11(a)(1)(vi) 
or (vii).

V. Initial Regulatory Flexibility Analysis

    The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA) 
generally requires an agency to perform an assessment of the impact a 
rule is expected to have on small entities.
    However, under section 605(b) of the RFA, 5 U.S.C. 605(b), the 
regulatory flexibility analysis otherwise required under section 604 of 
the RFA is not required if an agency certifies, along with a statement 
providing the factual basis for such certification, that the rule will 
not have a significant economic impact on a substantial number of small 
entities. Based on its analysis and for the reasons stated below, the 
Board believes that this proposed rule will not have a significant 
economic impact on a substantial number of small entities. A final 
regulatory flexibility analysis will be conducted after consideration 
of comments received during the public comment period.
    1. Statement of the need for, and objectives of, the proposed rule. 
The Board is revising Regulation E to provide financial institutions 
relief from the requirement to make available terminal receipts at the 
time of a transaction, for EFTs of $15 or less.
    The EFTA was enacted to provide a basic framework establishing the 
rights, liabilities, and responsibilities of participants in electronic 
fund transfer systems. The primary objective of the EFTA is the 
provision of individual consumer rights. 15 U.S.C. 1693. The EFTA 
authorizes the Board to prescribe regulations to carry out the purpose 
and provisions of the statute. 15 U.S.C. 1693b(a). The Act expressly 
states that the Board's regulations may contain ``such classifications, 
differentiations, or other provisions, * * * as, in the judgment of the 
Board, are necessary or proper to effectuate the purposes of [the Act], 
to prevent circumvention or

[[Page 69503]]

evasion [of the Act], or to facilitate compliance [with the Act].'' 15 
U.S.C. 1693b(c). The Board believes that the revisions to Regulation E 
discussed above are within Congress's broad grant of authority to the 
Board to adopt provisions that carry out the purposes of the statute. 
These revisions facilitate the use of electronic payment methods by 
consumers in circumstances where the value to the consumer of having a 
record of the transaction (i.e., the terminal receipt) is limited.
    2. Small entities affected by the proposed rule. The requirement to 
make available receipts when a consumer initiates an EFT at an 
electronic terminal applies to all financial institutions, regardless 
of their size. Accordingly, the proposed exception would reduce the 
burden and compliance costs for small institutions by providing relief 
from the requirement from the duty to make terminal receipts available 
to consumers at the time of the transaction, where the transaction 
amount is small.
    3. Other federal rules. The Board has not identified any federal 
rules that duplicate, overlap, or conflict with the proposed revisions 
to Regulation E.
    4. Significant alternatives to the proposed revisions. The Board 
solicits comment about additional ways to reduce regulatory burden 
associated with this proposed rule.

VI. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act (PRA) of 1995 (44 
U.S.C. 3506; 5 CFR Part 1320 Appendix A.1), the Board reviewed the rule 
under the authority delegated to the Board by the Office of Management 
and Budget (OMB). The collection of information that is required by 
this proposed rule is found in 12 CFR part 205. The Federal Reserve may 
not conduct or sponsor, and an organization is not required to respond 
to, this information collection unless the information collection 
displays a currently valid OMB control number. The OMB control number 
is 7100-0200.
    This information collection is required to provide benefits for 
consumers and is mandatory (15 U.S.C. 1693 et seq.). The respondents/
recordkeepers are for-profit financial institutions, including small 
businesses. Institutions are required to retain records for 24 months.
    The proposed rule provides relief to financial institutions from 
the requirement to make available terminal receipts to consumers for 
all EFTs of $15 or less. Thus, for purposes of the PRA, respondents 
would face a one-time burden of 8 hours (one business day) to reprogram 
and update their systems if they wish to make use of the proposed 
exception. The Federal Reserve estimates that the total annual burden 
for this requirement for the 100 estimated respondents likely to be 
affected by this proposed rulemaking would be 800 hours. This would 
increase the total annual burden of this information collection from 
83,866 hours to 84,666 hours.
    The other federal financial agencies are responsible for estimating 
and reporting to OMB the total paperwork burden for the institutions 
for which they have administrative enforcement authority. They may, but 
are not required to, use the Federal Reserve's burden estimates. Using 
the Federal Reserve's method, the total estimated annual burden for all 
financial institutions subject to Regulation E, including Federal 
Reserve-supervised institutions, would be approximately 1,397,572 
hours. The above estimates represent an average across all respondents 
and reflect variations between institutions based on their size, 
complexity, and practices. All covered institutions, including 
retailers, ATM operators, and depository institutions (of which there 
are approximately 19,300) potentially are affected by this collection 
of information, and thus are respondents for purposes of the PRA.
    Comments are invited on: a. Whether the proposed collection of 
information is necessary for the proper performance of the Federal 
Reserve's functions; including whether the information has practical 
utility; b. the accuracy of the Federal Reserve's estimate of the 
burden of the proposed information collection, including the cost of 
compliance; c. ways to enhance the quality, utility, and clarity of the 
information to be collected; and d. ways to minimize the burden of 
information collection on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. Comments on the collection of information should be sent to 
Michelle Long, Federal Reserve Board Clearance Officer, Division of 
Research and Statistics, Mail Stop 151-A, Board of Governors of the 
Federal Reserve System, Washington, DC 20551, with copies of such 
comments sent to the Office of Management and Budget, Paperwork 
Reduction Project (7100-0200), Washington, DC 20503.

Text of Proposed Revisions

    Certain conventions have been used to highlight the proposed 
changes to the text of the regulation and staff commentary. New 
language is shown inside bold-faced arrows, while language that would 
be deleted is set off with bold-faced brackets. Comments are numbered 
to comply with Federal Register publication rules.

List of Subjects in 12 CFR Part 205

    Consumer protection, Electronic fund transfers, Federal Reserve 
System, Reporting and recordkeeping requirements.

    For the reasons set forth in the preamble, the Board proposes to 
amend 12 CFR part 205 and the Official Staff Commentary, as follows:

PART 205--ELECTRONIC FUND TRANSFERS (REGULATION E)

    1. The authority citation for part 205 would continue to read as 
follows:

    Authority: 15 U.S.C. 1693b.

    2. Section 205.9 would be amended by revising paragraph (a) and 
adding a new paragraph (e) as follows:


Sec.  205.9  Receipts at electronic terminals; periodic statements.

    (a) Receipts at electronic terminals. [A] [rtrif]General. Except as 
provided in paragraph (e) of this section, a [ltrif] financial 
institution shall make a receipt available to a consumer at the time 
the consumer initiates an electronic fund transfer at an electronic 
terminal. The receipt shall set forth the following information, as 
applicable:
    (1) Amount. The amount of the transfer. A transaction fee may be 
included in this amount, provided the amount of the fee is disclosed on 
the receipt and displayed on or at the terminal.
    (2) Date. The date the consumer initiates the transfer.
    (3) Type. The type of transfer and the type of the consumer's 
account(s) to or from which funds are transferred. The type of account 
may be omitted if the access device used is able to access only one 
account at that terminal.
    (4) Identification. A number or code that identifies the consumer's 
account or accounts, or the access device used to initiate the 
transfer. The number or code need not exceed four digits or letters to 
comply with the requirements of this paragraph (a)(4).
    (5) Terminal location. The location of the terminal where the 
transfer is initiated, or an identification such as a code or terminal 
number. Except in limited circumstances where all terminals are located 
in the same city or state, if the location is disclosed, it shall 
include the city and state or foreign country and one of the following:
    (i) The street address; or
    (ii) A generally accepted name for the specific location; or

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    (iii) The name of the owner or operator of the terminal if other 
than the account-holding institution.
    (6) Third party transfer. The name of any third party to or from 
whom funds are transferred.
* * * * *
    [rtrif](e) Exception for receipts in small-value transfers. A 
financial institution is not subject to the requirement to provide a 
receipt under paragraph (a) of this section if the amount of the 
transfer is $15 or less.[ltrif]
    3. In Supplement I to part 205, under Sec.  205.11--Procedures for 
Resolving Errors, under 11(a) Definition of Error, paragraph 6. would 
be added.

Supplement I to Part 205--Official Staff Interpretations

* * * * *
Section 205.11--Procedures for Resolving Errors
    11(a) Definition of Error
* * * * *
    [rtrif]6. Terminal receipts for transfers of $15 or less. The fact 
that an institution does not make a terminal receipt available for a 
transfer of $15 or less in accordance with Sec.  205.9(e) is not an 
error for purposes of Sec. Sec.  205.11(a)(1)(vi) or (vii).[ltrif]
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, November 27, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-20301 Filed 11-30-06; 8:45 am]
BILLING CODE 6210-01-P