Security vendor Jim Woodhill is pushing for new protections for commercial accounts. The Electronic Funds Transfer Act (EFT), also known as Regulation E, was implemented in the U.S. in 1978. Regulation E covers a consumer under certain conditions, limiting loss to $50 if the institution is notified within two business days. The American Bankers Association (ABA) is braced to oppose any such Reg E amendment, says Risk Management Policy vice president Doug Johnson. The impact of such a requirement would most probably affect smaller institutions.”]
Source: https://www.cuinfosecurity.com/should-banks-be-liable-for-business-losses-to-fraud-a-2390