text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Electronic Funds Transfer Equal 
  Consumer Protection Act''.
  
  SEC. 2. EQUAL CONSUMER PROTECTION.
  
      (a) Definition of Error.--Section 908(f) of the Electronic Fund 
  Transfer Act (15 U.S.C. 1693f(f)) is amended--
              (1) by redesignating paragraphs (5) and (6) as paragraphs 
          (6) and (7); and
              (2) by inserting after paragraph (4) the following new 
          paragraphs:
              ``(5) an electronic fund transfer affecting the customer's 
          account in connection with a transaction for goods or services 
          not accepted by the customer or a designee of the customer or 
          not delivered to the customer or any such designee, or that is 
          not in accordance with the agreement made at the time of a 
          transaction;''.
      (b) Covered Transactions.--Section 903(6) of the Electronic Fund 
  Transfer Act (15 U.S.C. 1693a(6)) is amended by inserting after the 2nd 
  sentence the following new sentence: ``Such term also includes any 
  transaction initiated through an electronic terminal, telephonic 
  instrument, or computer, including transactions initiated through the 
  use of a check card or a card commonly referred to as a debit card, 
  without regard to the manner in which the third party conveys the 
  order, instruction, or authorization to the financial institution to 
  credit or debit the consumer's account at the financial institution.''.
      (c) Prompt Provisional Recredit Required.--Section 908(c) of the 
  Electronic Fund Transfer Act (15 U.S.C. 1693f(c)) is amended by 
  striking the first sentence and inserting the following new sentence: 
  ``Prompt Provisional Recredit Required.--If a financial institution 
  receives notice of an error in the manner and within the time period 
  specified in subsection (a), the financial institution shall, within 1 
  business day after receiving such notice, provisionally recredit the 
  consumer's account for the amount alleged to be in error, subject to 
  section 909, including interest where applicable, pending the 
  conclusion of the investigation by the financial institution under 
  subsection (a) and the determination of whether an error has 
  occurred.''.
      (d) Prompt Error Resolution Required.--Section 908(a) of the 
  Electronic Fund Transfer Act (15 U.S.C. 1693f(a) is amended to read as 
  follows:
      ``(a) Investigation of Reported Error Required.--
              ``(1) In general.--If, before the end of the 60-day period 
          beginning on the date a financial institution transmits 
          consumer documentation pursuant to subsection (a), (c), or (d) 
          of section 906 or a notice relating to a consumer account 
          pursuant to section 906(b) to a consumer, the financial 
          institution receives oral or written notice in which the 
          consumer--
                      ``(A) provides sufficient information to allow the 
                  financial institution to identify the name and account 
                  number of the consumer;
                      ``(B) indicates the consumer's belief that the 
                  documentation transmitted, or the consumer's account to 
                  which the notice related, contains an error and the 
                  amount of such error; and
                      ``(C) indicates the reasons for the consumer's 
                  belief (where applicable) that an error has occurred,
          the financial institution shall investigate the alleged error, 
          determine whether an error has occurred, and report or mail the 
          results of such investigation and determination to the consumer 
          within 1 business day.
              ``(2) Written confirmation of oral notice.--
                      ``(A) In general.--In any case in which a consumer 
                  provides oral notice of an error to a financial 
                  institution in accordance with paragraph (1), the 
                  financial institution may require written confirmation 
                  to be provided to the institution by the consumer if 
                  the financial institution--
                              ``(i) advises the consumer of such 
                          requirement at the time the oral notice is made 
                          and the manner in which the confirmation shall 
                          be provided; and
                              ``(ii) provides the consumer with the 
                          address to which such confirmation should be 
                          sent.
                      ``(B) Timely receipt of consumer statement.--If a 
                  requirement by a financial institution for a written 
                  confirmation pursuant to subparagraph (A) of an oral 
                  notice by a consumer may be satisfied by a written 
                  statement prepared and submitted by the consumer, such 
                  confirmation shall be timely if the financial 
                  institution receives such confirmation before the end 
                  of the 15-day period beginning on the date the 
                  financial institution provided the notice to the 
                  consumer under subparagraph (A).
                      ``(C) Timely return of financial institution's 
                  confirmation form.--If a requirement by a financial 
                  institution for a written confirmation pursuant to 
                  subparagraph (A) of an oral notice by a consumer may be 
                  only be confirmed by the consumer's signature on a 
                  written confirmation form sent by the financial 
                  institution to the consumer for such purpose--
                              ``(i) such confirmation shall be timely if 
                          the financial institution receives such 
                          confirmation form from the consumer with the 
                          consumer's signature before the end of the 30-
                          day period beginning on the date the financial 
                          institution provided the notice to the consumer 
                          under subparagraph (A); and
                              ``(ii) such confirmation shall be deemed to 
                          have been timely received if the consumer fails 
                          to receive the written confirmation form to 
                          sign from the financial institution before the 
                          end of the 20-day period beginning on such 
                          date.
              ``(3) Failure to timely confirm.--If a financial 
          institution which requires written confirmation of a consumer's 
          oral notice of an error in accordance with paragraph (2)(A) 
          does not receive such confirmation in accordance with 
          subparagraph (B) or (C)(i) of paragraph (2) before the end of 
          the applicable period described in the appropriate 
          subparagraph, the financial institution--
                      ``(A) need not provisionally recredit the 
                  consumer's account in accordance with subsection (c) ; 
                  and
                      ``(B) shall not be liable under subsection (e).
              ``(4) Burden of proof.--In any investigation or resolution 
          of an alleged error under this section, the burden of proof is 
          on the financial institution to show that an error did not 
          occur.''.
      (e) Technical and Conforming Amendments.--
              (1) Section 908(b) of the Electronic Fund Transfer Act (15 
          U.S.C. 1693f(b)) is amended by inserting ``subsection (c) and'' 
          after ``, subject to''.
              (2) The first sentence of section 908(d) of the Electronic 
          Fund Transfer Act (15 U.S.C. 1693f(d)) is amended by striking 
          ``or (c)''.
              (3) Section 908(e)(1) of the Electronic Fund Transfer Act 
          (15 U.S.C. 1693f(e)(1)) is amended by striking ``ten-day 
          period'' and inserting ``1-day period''.
target: Electronic Funds Transfer Equal Consumer Protection Act - Amends the the Electronic Fund Transfer Act to treat as an error any electronic fund transfer affecting the customer's account regarding a transaction for goods or services not accepted by or not delivered to the customer, or not in accordance with the agreement made at the time of the transaction.
  
  Redefines electronic fund transfer to cover any transaction initiated through an electronic terminal, telephonic instrument, or computer, including transactions initiated through the use of a check card or a debit card.
  
  Revises requirements for a financial institution's discretionary provisional recredit of a consumer's account after receiving notice of an error. Makes such a provisional recredit mandatory, within one business day after receipt of such a notice.
  
  Revises requirements for prompt resolution of errors to authorize a financial institution to require a consumer to submit written confirmation of an oral error notice before it recredits provisionally the consumer's account.
feat_title: To amend the Electronic Fund Transfer Act to provide similar protections under that Act for consumers as apply under the Truth in Lending Act, and for other purposes.