12 C.F.R. 12 CFR--PART 205
Title 12 - Banks and Banking
Effective Date(s): July 1, 2007 2. Section 205.2 is amended by redesignating paragraph (b)(2) as paragraph (b)(3) and adding a new paragraph (b)(2) as follows: * * * * * (b)(1) Account means * * * (2) The term includes a “payroll card account” directly or indirectly established by an employer on behalf of a consumer to which electronic fund transfers of the consumer's wages, salary, or other employee compensation are made on a recurring basis, whether the account is operated or managed by the employer, a third-party payroll processor, a depository institution or any other person. For rules governing payroll card accounts, see §205.18. * * * * *
Amendment from January 10, 2006
12 CFR--PART 205
Amendment(s) published January 10, 2006, in 71 FR 1481
§ 205.2 Definitions
