---
kind: "section"
citation: "15 U.S.C. § 1693"
title: "15"
title_heading: "Commerce and Trade"
number: "1693"
heading: "Congressional findings and declaration of purpose"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/1693"
units:
  - "Chapter 41 — Consumer Credit Protection"
  - "Subchapter VI — Electronic Fund Transfers"
---

# §1693. Congressional findings and declaration of purpose

- (a) **Rights and liabilities undefined—** The Congress finds that the use of electronic systems to transfer funds provides the potential for substantial benefits to [consumers](/usc/15/1692a.md?p=3). However, due to the unique characteristics of such systems, the application of existing [consumer](/usc/15/1692a.md?p=3) protection legislation is unclear, leaving the rights and liabilities of [consumers](/usc/15/1692a.md?p=3), [financial institutions](/usc/15/1693a.md?p=9), and intermediaries in [electronic fund transfers](/usc/15/1693a.md?p=7) undefined.
- (b) **Purposes—** It is the purpose of this subchapter to provide a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund and remittance transfer systems. The primary objective of this subchapter, however, is the provision of individual [consumer](/usc/15/1692a.md?p=3) rights.

## Source credit

(Pub. L. 90–321, title IX, § 902, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728; amended Pub. L. 111–203, title X, § 1073(a)(1), July 21, 2010, 124 Stat. 2060.)

## Notes

### Editorial Notes

### Amendments

2010—Subsec. (b). Pub. L. 111–203 inserted “and remittance” after “electronic fund”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

### Effective Date

Pub. L. 90–321, title IX, § 923, formerly § 921, as added by Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3741, renumbered § 922, Pub. L. 111–24, title IV, § 401(1), May 22, 2009, 123 Stat. 1751; renumbered § 923, Pub. L. 111–203, title X, § 1073(a)(3), July 21, 2010, 124 Stat. 2060, provided that: “This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [Nov. 10, 1978], except that sections 909 and 911 [sections 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.”

[Pub. L. 111–203, § 1073(a)(3), which directed renumbering of section 922 of Pub. L. 90–321 as section 923 effective 1 day after July 21, 2010, was executed after the renumbering of section 921 of Pub. L. 90–321 as section 922 by Pub. L. 111–24, § 401(1), effective 15 months after May 22, 2009, to reflect the probable intent of Congress.]

### Short Title

This subchapter known as the “Electronic Fund Transfer Act”, see Short Title note set out under section 1601 of this title.