12 CFR § 1005.1 - Authority and purpose.

---
identifier: "/us/cfr/t12/s1005.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 1005.1 - Authority and purpose."
title_number: 12
title_name: "Banks and Banking"
section_number: "1005.1"
section_name: "Authority and purpose."
chapter_name: "CONSUMER FINANCIAL PROTECTION BUREAU"
part_number: "1005"
part_name: "ELECTRONIC FUND TRANSFERS (REGULATION E)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 5512, 5581; 15 U.S.C. 1693b. Subpart B is also issued under 12 U.S.C. 5601 and 15 U.S.C. 1693o-1."
regulatory_source: "76 FR 81023, Dec. 27, 2011, unless otherwise noted."
cfr_part: "1005"
---


# 1005.1 Authority and purpose.

(a) *Authority.* The regulation in this part, known as Regulation E, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to the Electronic Fund Transfer Act (15 U.S.C. 1693 *et seq.*). The information-collection requirements have been approved by the Office of Management and Budget under 44 U.S.C. 3501 *et seq.* and have been assigned OMB No. 3170-0014.

(b) *Purpose.* This part carries out the purposes of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services and of financial institutions or other persons that offer these services. The primary objective of the act and this part is the protection of individual consumers engaging in electronic fund transfers and remittance transfers.

[76 FR 81023, Dec. 27, 2011, as amended at 77 FR 6285, Feb. 7, 2012]