We have heard cautions of Regulation E and its impact on campus cards for many years. What are your feelings on the applicability of the regulation to campus card accounts? Should campuses concern themselves with the issue, and if so, what do you suggest they do?
“The primary objective within Regulation E is to provide printed receipts for financial transactions. General Meters is in compliance with this request however; due to cost and retrofit variables the majority of card readers available from vendors today specifically for laundry, vending machines and copier machines will NOT provide printed receipts at the point of purchase. However, by using a General Meters Administrative Terminal (campus PC licensed for the OneCard network) the campus is able to produce detailed financial audit reports upon request (to screen, file or printed copy). General Meters has taken this effort a step further by permitting reports/receipts to be printed via the web with the use of our optional web module which can also be utilized to deposit funds into a card holders account remotely by students and/or parents (with no staff required) using Visa/MasterCard.”
Bruce Lane, Vice President, CBORD Group:
“We have seen this regulation interpreted differently by different institutions, vendors, etc. and lots of commotion has been heard about Regulation E over the past few years. While we are not aware of any university that has ever been held up to a Regulation E standard, we have designed our Odyssey PCS receipts and reports to be compliant with that rule. We encourage our clients and prospects in the US to consult their own legal counsel for an interpretation of Regulation E.”
Tom Bell, VP of Industry Relations, Blackboard:
“Regulation E is a complex and outdated regulation created to protect the consumer and create some guidelines around electronic commerce. Years ago attempts were made to update the Regulation but technology was moving so quickly it became a very difficult task. Campuses should be aware of Regulation E and have a clear opinion from their legal advisors on what it might mean for their specific circumstances. Ignoring the law will not make it go away. Consult your favorite lawyer.”
Mark Reinart, Mgr. Marketing Systems & Development, Diebold:
“This issue requires legal interpretation. It should really be left to each campus to make a ruling on the issue.”