Question

Prior to 2006, Regulation E would have:

A) ignored losses on paycards

B) covered losses on paycards

C) required encryption of paycard data in the employer's database

D) required additional information reported in payroll

Answer 1

Regulation E is a federal law that sets rules for electronic funds transfers and disclosures for consumers. It does not specifically require additional information to be reported in payroll.

Step-by-step explanation:

Prior to 2006, Regulation E would have required additional information to be reported in payroll. Regulation E is a federal law that sets rules for electronic funds transfers and disclosures for consumers. It covers things like automatic debit payments, electronic checks, and other electronic transfers.

One of the key requirements of Regulation E is that financial institutions must provide consumers with certain information related to their electronic funds transfers. This includes disclosing the consumer's rights and responsibilities, as well as the process for resolving errors or unauthorized transactions.

While Regulation E does not specifically focus on payroll, it does require financial institutions to provide disclosures and other information to consumers regarding their electronic transactions. Therefore, if the question is asking whether Regulation E would require additional information to be reported in payroll, the answer would be no.