Reg. E Error Resolution and Liability Calculator
Regulation E defines “business day” to include any day on which the offices of the bank are open to the public for carrying on substantially all business functions. This updated and improved tool now allows the bank to calculate the appropriate Reg. E timeframe, based on the business days that apply to it. Members should replace any prior versions of this tool with the current version.
This tool can be used to determine consumer liability under Regulation E and to check error resolution timing requirements. The following are key revisions to the tool:
- The Calculator allows selecting between Monday – Friday, or Monday – Saturday, business days, consistent with the Regulation E definition for “business day,” which a day on which the bank is open for business.
- The Calculator allows selecting specific federal holidays during which the bank is opened or closed for business, also consistent with the Regulation E definition for “business day.”
- The Calculator now includes Juneteenth as a federal holiday, for holidays beginning 2022, and thereafter.
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