Beginning July 1, 2007, payroll card accounts will be subject to Regulation E, according to a final rule adopted by the Federal Reserve Board on August 24. Reg E implements the Electronic Fund Transfer Act. Payroll cards issued by an employer, a third-party payroll processor or a depository institution will fall under the jurisdiction of Reg E as a result of the amendment.

The rule does not require institutions to provide paper periodic statements to consumers if account transaction information is made available by telephone, electronically or by request. The rule also models disclosure clauses and forms.