[Federal Register Volume 63, Number 57 (Wednesday, March 25, 1998)]
[Rules and Regulations]
[Pages 14528-14532]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6988]

[[Page 14527]]


Part III

Federal Reserve System


12 CFR Part 205

Electronic Fund Transfers; Final Rule

12 CFR Part 230 et al.

Truth in Savings, Consumer Leasing, Truth in Lending, Equal Credit 
Opportunity, Electronic Fund Transfers; Proposed Rules

Federal Register / Vol. 63, No. 57 / Wednesday, March 25, 1998 / 
Rules and Regulations

[[Page 14528]]


12 CFR Part 205

[Regulation E; Docket No. R-1002]

Electronic Fund Transfers

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Interim rule with request for comments.


SUMMARY: The Board is publishing an interim rule amending Regulation E, 
which implements the Electronic Fund Transfer Act (EFTA). The EFTA 
establishes certain rights, liabilities, and responsibilities of 
participants involved in electronic fund transfers (EFTs) to and from 
consumer asset accounts. Among other things, the act and regulation 
require disclosures about the terms and conditions of EFT services, 
account activity, error resolution, and authorizations or confirmations 
concerning EFTs. These disclosures must generally be provided in 
writing. In May 1996, the Board issued a proposed rule permitting 
financial institutions to satisfy the requirement that certain 
disclosures and other information be in writing by sending information 
electronically subject to certain requirements. The interim rule allows 
depository institutions or other entities subject to the act to deliver 
by electronic communication any of these disclosures and other 
information required by the act and regulation, as long as the consumer 
agrees to such delivery. For purposes of the regulation, an electronic 
communication is a message transmitted electronically that allows 
visual text to be displayed on equipment such as a modem-equipped 
computer. This interim rule permits financial institutions to begin 
implementing systems that allow for the electronic delivery of EFTA 
disclosures during consideration of similar proposals under other 
financial services and fair lending laws, appearing elsewhere in 
today's Federal Register.

DATES: Interim rule effective March 25, 1998; comments must be received 
by May 15, 1998.

ADDRESSES: Comments should refer to Docket No. R-1002, and may be 
mailed to William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue, N.W., 
Washington, DC 20551. Comments also may be delivered to Room B-2222 of 
the Eccles Building between 8:45 a.m. and 5:15 p.m. weekdays, or to the 
guard station in the Eccles Building courtyard on 20th Street, N.W. 
(between Constitution Avenue and C Street) at any time. Comments may be 
inspected in Room MP-500 of the Martin Building between 9:00 a.m. and 
5:00 p.m. weekdays, except as provided in 12 CFR 261.12 of the Board's 
Rules Regarding Availability of Information.

FOR FURTHER INFORMATION CONTACT: Michael Hentrel or Obrea Poindexter, 
Staff Attorneys, or John Wood, Senior Attorney, Division of Consumer 
and Community Affairs, at (202) 452-2412 or (202) 452-3667. For the 
hearing impaired only, Telecommunications Device for the Deaf (TDD), 
contact Diane Jenkins at (202) 452-3544.


I. Background

    The Electronic Fund Transfer Act (EFTA), 15 U.S.C. 1693 et seq., 
enacted in 1978, provides a basic framework establishing the rights, 
liabilities, and responsibilities of participants in electronic fund 
transfer (EFT) systems. The Board's Regulation E (12 CFR Part 205) 
implements the act. Types of transfers covered by the act and 
regulation include transfers initiated through an automated teller 
machine (ATM), point-of-sale terminal, automated clearinghouse, 
telephone bill-payment plan, or home banking program. The act and 
regulation contain rules that govern these and other EFTs. The rules 
prescribe restrictions on the unsolicited issuance of ATM cards and 
other access devices; disclosure of terms and conditions of an EFT 
service; documentation of EFTs by means of terminal receipts and 
periodic account statements; limitations on consumer liability for 
unauthorized transfers; procedures for error resolution; and certain 
rights related to preauthorized EFTs.
    Depository institutions, service providers, and other entities use 
electronic communication to offer a wide variety of financial services 
relating to checking and other consumer asset accounts including: 
Account inquiries; transaction verifications; request and documentation 
of fund transfers between accounts; bill payment services; and full 
account management. Communicating electronically provides a fast, 
convenient, and less costly means of receiving and delivering 
information. In offering home banking and other financial services, 
depository institutions and others have asked whether they satisfy the 
requirements of the EFTA and Regulation E by providing or accepting 
information electronically. In connection with electronic commerce, 
some service providers would like to obtain the electronic equivalent 
of a written and signed authorization so that consumers' accounts can 
be debited on a recurring basis to pay for products or services.
    In May 1996, the Board updated Regulation E and the staff 
commentary under the Board's Regulatory Planning and Review program, 
which requires regulations to be reviewed and updated periodically. 
(See 61 FR 19661, May 2, 1996.) During that process and in its review 
of regulations pursuant to section 303 of the Riegle Community 
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4803), 
the Board determined that the use of electronic communication to 
deliver information to consumers that is required by federal consumer 
financial services and fair lending laws could effectively reduce 
compliance costs without adversely affecting consumer protections. 
Simultaneous with the issuance of Regulation E update, the Board issued 
a proposed rule permitting financial institutions to satisfy the EFTA 
requirement that certain disclosures and other information be in 
writing by sending information electronically in a format the allows 
the display of text messages in a clear and readily understandable 
form. The proposal also required that disclosures be provided in a form 
the consumer may retain, a requirement that an institution could 
satisfy by providing information that may be printed or downloaded. The 
proposed rule allowed consumers to request a paper copy of a disclosure 
for up to one year after its original delivery (61 FR 19696, May 2, 
    The Board received approximately 110 comments on the proposal. The 
majority of comments were submitted by depository institutions and 
their trade associations. The commenters, including consumer 
representatives, generally supported the use of electronic 
communication to deliver information required by the EFTA and 
Regulation E. Many commenters suggested specific modifications and 
sought clarification on various aspects of the proposed rule; these 
comments are addressed below in the section-by-section discussion of 
the interim rule.
    Based on a review of the comments and further analysis, the Board 
is publishing an interim rule that allows financial institutions to 
provide Regulation E disclosures electronically; such disclosures 
remain subject to applicable timing, format, and other requirements of 
the act and regulation. The interim rule will allow financial 
institutions to implement systems to provide EFTA information 
electronically while proposed rules are

[[Page 14529]]

being considered to allow the electronic delivery of disclosures under 
other laws. The term financial institution is broadly defined in the 
EFTA to include persons that directly or indirectly hold accounts 
belonging to consumers or that issue an access device and agree to 
provide EFT services. In this notice, the term ``financial 
institution'' is used in that context.
    The interim rule is similar to the proposed rule. The interim rule, 
however, does not require financial institutions to provide paper 
copies of disclosures to a consumer upon request if the consumer has 
agreed to receive disclosures electronically. The Board believes that 
most financial institutions will accommodate consumer requests for 
paper copies when feasible.
    Elsewhere in today's Federal Register, the Board is publishing 
proposed rules similar to the interim rule under Regulation E to 
address electronic communication under Regulation B (Equal Credit 
Opportunity), Regulation DD (Truth in Savings), Regulation M (Consumer 
Leasing), and Regulation Z (Truth in Lending). Previously, the Board 
published amendments to the staff commentary to Regulation CC 
(Availability of Funds and Collection of Checks) allowing depository 
institutions to send notices electronically (62 FR 13801, March 18, 

II. Regulatory Revisions

    The EFTA and Regulation E require a number of disclosures to be 
provided to consumers in writing. The requirement that disclosures be 
in writing has been presumed to require that institutions provide paper 
documents. However, under many laws that call for information to be in 
writing, information in electronic form is considered to be 
``written.'' Information produced, stored, or communicated by computer 
is also generally considered to be a writing, where visual text is 
    Pursuant to its authority under sections 904(a) and (c) of the 
EFTA, the Board is issuing an interim rule amending Regulation E to 
permit financial institutions to use electronic communication where the 
regulation requires that information be provided in writing. The term 
``electronic communication'' is limited to a communication in a form 
that can be displayed as visual text. An example is an electronic 
visual text message that is displayed on a screen (such as a consumer's 
computer monitor). Communication by telephone voicemail systems does 
not meet the definition of ``electronic communication'' for purposes of 
this amendment because it does not have the feature generally 
associated with a writing--visual text.


    Section 205.4(c)(1) defines electronic communication for purposes 
of Regulation E. The definition is generally the same as in the May 
1996 proposed rule, except that editorial changes have been made in the 
interim rule to clarify and simplify the definition. The reference in 
the proposal to equipment ``in the consumer's possession'' has been 
deleted so as not to preclude application of the rule where, for 
example, a consumer uses a computer terminal in a public location such 
as a library or financial institution. The example of a screen phone 
has been deleted as unnecessary.

Agreements Between Financial Institutions and Consumers

    Section 205.4(c)(2) permits financial institutions to send 
electronic disclosures if the consumer agrees. The interim rule 
simplifies the wording that was used in the proposed rule. Many 
commenters on the proposed rule requested that the Board clarify when 
an agreement between a financial institution and a consumer exists. 
More specifically, the commenters sought clarification that agreements 
may be established electronically. There may be various ways that a 
financial institution and a consumer could agree to the electronic 
delivery of disclosures and other information. Whether such an 
agreement exists between the parties is determined by applicable state 
law. The regulation does not preclude a financial institution and a 
consumer from entering into an agreement electronically, nor does it 
prescribe a formal mechanism for doing so. The Board does believe, 
however, that consumers should be clearly informed when they are 
consenting to the delivery of EFTA disclosures and other information 

Requirement That Financial Institutions ``Send'' Electronic Disclosures 
to Consumers

    The interim rule in Sec. 205.4(c)(2), like the proposed rule, 
provides that disclosures may be ``sent'' to a consumer electronically. 
This is consistent with existing requirements in Regulation E, which 
generally specify that disclosures, documentation, and notices be 
``mailed,'' ``delivered,'' or ``provided.'' Many commenters on the 
proposed rule suggested that making electronic disclosures 
``available'' to consumers should satisfy the requirement. Commenters 
believed that consumers would benefit from the ability to obtain 
information from the financial institution, at any time, if the 
disclosures are ``available'' at a specified location. Commenters 
suggested that, alternatively consumers might have to wait for the 
institution to send information to a specific location, for example, an 
e-mail address provided by the consumer.
    Generally, the regulation requires the financial institution to 
deliver the information--typically by mail--to an address designated by 
the consumer. For a paper communication, a financial institution 
generally would not satisfy that requirement by making disclosures 
``available,'' for example, at the financial institution's office (or 
other location). (The staff commentary to Regulation E does allow 
financial institutions to permit, but not require, consumers to pick up 
their periodic statements at the institution. See comment 9(b)-4 to 
Sec. 205.9.) The Board believes that consumers receiving disclosures by 
electronic communication should have protections regarding delivery 
similar to those afforded consumers receiving paper disclosures. Simply 
posting information on an Internet site without some appropriate notice 
and instructions about how the consumer may obtain the required 
information would not satisfy the requirement. Therefore, the interim 
rule, like the proposal, requires that disclosures be sent (delivered 
or transmitted) to consumers, but allows the option contained in 
comment 9(b)-4.
    The requirement to send or deliver disclosures to a consumer is 
satisfied when the institution ensures that the disclosures will be 
displayed in a timely manner. For example, under Regulation E, initial 
disclosures must be provided at the time a consumer signs up for an EFT 
service or before the first transaction. Assume that a consumer uses a 
personal computer to sign up for a EFT service and consents to the 
electronic delivery of the initial disclosures. If the disclosures 
automatically appear on the computer screen before the consumer commits 
to the service (in accordance with the format and any other 
requirements of the act and regulation), the institution has satisfied 
the requirement to send (or deliver or transmit) disclosures to the 
    As a practical matter, there may be little distinction between 
sending or delivering electronic disclosures and making them 
``available.'' Financial institutions have flexibility in how they may 
deliver electronic disclosures to consumers, including, but not limited 
to, the following examples. They may send disclosures to a consumer-

[[Page 14530]]

designated electronic mail address or they may designate a location on 
a website where the consumer might enter a personal identification 
number or other identifier to access required information. In the 
scenario described above, assume that the consumer signs up for an EFT 
service, receives the initial disclosures at that time, and agrees to 
receive all EFTA disclosures electronically. Subsequent disclosures 
sent to a designated address or placed at a designated location (for 
example, periodic statements or change-in-terms notices) would 
generally satisfy the delivery requirements of Sec. 205.4(c)(2).
    Electronic communication remains subject to any timing or other 
applicable requirements under Regulation E. For example, a financial 
institution that sends a change-in-terms notice required by Sec. 205.8 
of Regulation E must satisfy the requirement to provide the notice to 
the consumer at least 21 days in advance of the change. The Board 
solicits comment on whether further guidance is needed on how to comply 
with the timing requirements when a notice is posted on an Internet 

Requirement That Information Be ``Clear and Readily Understandable''

    Under the act and regulation, disclosures must be provided to 
consumers in a clear and readily understandable form. The proposed rule 
stated that disclosures provided by electronic communication are 
subject to this standard. Section 205.4(c)(2) of the interim rule 
retains this requirement, by cross referencing the current regulatory 
    Some commenters believed that the requirement would impose a 
compliance burden if financial institutions had to determine whether 
the consumer possesses the proper equipment to ensure that a disclosure 
provided electronically meets the standard. Some commenters expressed 
concern that the ``clear and readily understandable'' requirement, 
coupled with the screen phone example in the supplementary information 
to the proposed rule, implicitly disapproved of certain types of 
technologies. Further, some commenters objected to any consideration of 
the amount of text that may be viewed at any one time (or the screen 
size of a device) as a factor in determining whether the communication 
satisfies the requirement.
    Under the interim rule, the ``clear and readily understandable'' 
requirement applies to electronic communication. The Board does not 
intend to discourage or encourage specific types of technologies. 
Regardless of the technology, however, the disclosures provided by 
electronic communication must meet the ``clear and readily 
understandable'' standard. While a financial institution is generally 
not required to ensure that the consumer has the equipment to read the 
disclosures, in some circumstances an institution would have the 
responsibility of making sure the proper equipment is in place. For 
example, if EFT services are offered through terminals in an 
institution's lobby, or through kiosks located in public or other 
places, the institution must ensure that the equipment meets the clear 
and readily understandable standard for EFTA disclosures that are being 
provided electronically.

Consumer Ability to Retain Disclosures

    Under Regulation E, most disclosures must be provided in a form 
that the consumer may keep. Section 205.4(c)(2) of the interim rule, 
like the proposal, applies the same requirement to disclosures provided 
by electronic communication. Financial institutions satisfy the 
retention requirement if, for example, disclosures can be printed or 
downloaded by the consumer. Most commenters agreed with the Board's 
interpretation. Many commenters urged the Board to clarify that 
financial institutions are not obligated to monitor an individual 
consumer's ability to retain the information, or to ascertain whether 
the consumer has actually retained it.
    The requirements or procedures for electronic delivery are similar 
to the paper delivery requirements, where the financial institution 
generally must mail or otherwise deliver the communication to the 
consumer but need not otherwise ensure that the consumer reads or 
retains it. Thus, financial institutions are generally not required to 
monitor a consumer's ability to retain the information, nor to take 
steps to find out whether the consumer has in fact retained it. The 
Board anticipates that, where appropriate, a financial institution will 
inform consumers of any special technical specifications for receiving 
or retaining information before or at the time a consumer agrees to 
receive information electronically.
    Similar to the ``clear and readily understandable'' standard 
discussed above, in circumstances where the financial institution (or a 
network in which the institution is a member) controls the equipment to 
be used for an EFT service--such as ATMs or kiosks in public or other 
places--the institution does have the responsibility of ensuring 
retainability. Provided that the delivery requirements are satisfied--
for example, that disclosures appear on a screen--methods for 
fulfilling this retention requirement could include, for example, 
printers incorporated into terminals or a screen message offering to 
transmit the disclosure that appears on the screen to the consumer's 
electronic mail or post office address.

Consumer's Ability to Request a Paper Copy of an Electronic Disclosure

    The proposed rule would have required a financial institution to 
provide, upon request, a paper copy of any disclosure sent by 
electronic communication. The consumer could obtain a paper copy for up 
to one year after the disclosure was sent electronically. Many of the 
commenters did not object to the paper copy requirement, although most 
recommended that the Board establish a shorter time period for 
providing a copy. Some commenters believed that the requirement could 
diminish their ability to establish electronic accounts and eliminate 
the potential cost savings of electronic communication.
    The interim rule does not require financial institutions to provide 
a paper copy upon request. In some instances, however, consumers who 
receive disclosures by electronic communication could experience 
computer or printer malfunctions. They may be using public electronic 
terminals that do not have a print or download capability, or they may 
otherwise need a paper copy of a disclosure on occasion. The Board 
expects that financial institutions will accommodate a consumer's 
request for a paper copy, or that they will redeliver disclosures 
electronically, to the extent that it is feasible to do so.

Paper Confirmation of Electronic Communications

    Under the act and regulation, consumers must provide certain 
information to financial institutions, and institutions have the option 
of requiring that it be in writing. Regulation E provides that a 
consumer may stop payment of a preauthorized EFT or allege an error by 
notifying the institution orally or in writing, and that the 
institution may require written confirmation of an oral stop-payment 
order or notice of error.
    In the supplementary information to the May 1996 proposed rule, the 
Board stated its belief that (as in the case of an oral communication) 
if the consumer sends an electronic communication to the financial 
institution, the institution could require paper confirmation from the 
consumer (particularly since the consumer was entitled to a paper copy

[[Page 14531]]

upon request under the proposed rule). The Board requested comment on 
whether and how the regulation should address this point.
    Some financial institutions commented that in accepting electronic 
communication from a consumer, they may need to require paper 
confirmations for their own and the consumer's protection. Many 
commenters stated that there will be situations in which it is 
important for financial institutions to have the ability to require 
paper confirmations (for example, because it may be more secure). These 
commenters requested that the Board allow financial institutions to 
request paper confirmations for certain communications.
    Under the interim rule, financial institutions may request paper 
confirmations in cases where they can currently require written 
confirmation--electronic and oral stop-payment notices, and electronic 
and oral notices of error. The financial institution, however, must 
clearly identify to the consumer the information subject to paper 
confirmation and must provide the address where written confirmation 
must be sent.
    Consumers preserve their rights under the act and regulation when 
they send notices of error electronically. If the consumer notifies the 
financial institution of an alleged error, the financial institution 
must begin its investigation promptly upon receiving the electronic 
notice. The financial institution may not delay its investigation until 
it has received a paper confirmation. This requirement is the same as 
the requirement for written confirmation following an oral error notice 
(see comment 11(c)-2 of the staff commentary).

Consumer Signatures and Similar Authentication

    Section 205.10(b) requires that preauthorized EFTs be authorized 
only by a writing signed or similarly authenticated by the consumer. 
The phrase ``or similarly authenticated'' was added in the 1996 review 
of Regulation E. The Board indicated in the Federal Register notice 
accompanying the amendment that the authentication method should 
provide the same assurance as a signature in a paper-based system, and 
cited security codes and digital signatures as examples of 
authentication devices that might meet the requirements of 
Sec. 205.10(b). Since the 1996 amendment, the Board has received 
requests for further guidance on electronic authentication methods. The 
Board is interested in learning about other ways in which 
authentication in an electronic environment might take the place of the 
consumer's signature.

Current Need for Safeguards Concerning the Electronic Delivery of 

    Today, most consumers receive federal disclosures in paper form. As 
electronic commerce and electronic banking increase and technological 
advances take place, obtaining disclosures by electronic communication 
will likely become more commonplace. Currently, however, the use of 
electronic communication in the delivery of financial services is still 
evolving. Thus, it is difficult to fully predict the extent to which 
additional safeguards, if any, may be needed to ensure that consumers 
receive the same protections that exist for disclosures in paper form. 
The Board expects that depository institutions and other institutions 
subject to the EFTA and Regulation E will provide sufficient details 
about the delivery of disclosures. The Board plans to closely monitor 
the development of electronic delivery of EFTA disclosures and other 
information, and will address compliance or other issues that may arise 
as appropriate.

III. Form of Comment Letters

    Comment letters should refer to Docket No. R-1002 and, when 
possible, should use a standard typeface with a type size of 10 or 12 
characters per inch. This will enable the Board to convert the text to 
machine-readable form through electronic scanning, and will facilitate 
automated retrieval of comments for review. Also, if accompanied by an 
original document in paper form, comments may be submitted on 3\1/2\ 
inch or 5\1/4\ inch computer diskettes in any IBM-compatible DOS-based 

IV. Regulatory Flexibility Analysis

    In accordance with section 3(a) of the Regulatory Flexibility Act 
and section 904(a)(2) of the EFTA, the Board's Office of the Secretary 
has reviewed the interim amendments to Regulation E. Overall, the 
interim amendments are not expected to have any significant impact on 
small entities. The interim rule would relieve compliance burden by 
giving financial institutions flexibility in providing disclosures. A 
final regulatory flexibility analysis will be conducted after 
consideration of comments received during the public comment period.

V. Paperwork Reduction Act

    In accordance with section 3506 of the Paperwork Reduction Act of 
1995 (44 U.S.C. Ch. 35; 5 CFR part 1320 Appendix A.1), the Board 
reviewed the interim rule under the authority delegated to the Board by 
the Office of Management and Budget.
    The collection of information requirements in this interim 
regulation are found in 12 CFR Part 205. This information would be 
mandatory to ensure adequate disclosure of basic terms, costs, and 
rights relating to services affecting consumers using certain home-
banking services and consumers receiving certain disclosures by 
electronic communication. The respondents/recordkeepers are for-profit 
financial institutions, including small businesses. This regulation 
applies to all types of depository institutions, not just state member 
banks. However, under Paperwork Reduction Act regulations, the Federal 
Reserve accounts for the burden of the paperwork associated with the 
regulation only for state member banks. Other agencies account for the 
paperwork burden on their respective constituencies under this 
    The Federal Reserve has no data on which to estimate the burden the 
regulatory amendments would impose on state member banks. However, 
since the amendments provide an alternative method for delivering 
disclosures and notices, it is anticipated that the requirements would 
not be burdensome. The use of electronic communication would likely 
reduce the paperwork burden of financial institutions. Institutions 
would be able to use electronic communication to provide disclosures 
and other information rather than having to print and mail the 
information in paper form.
    The Federal Reserve requests comments from institutions, especially 
state member banks, that will help to estimate the number and burden of 
the various disclosures that would be made in the first year this 
interim regulation is effective. Comments are invited on: (a) The cost 
of compliance; (b) ways to enhance the quality, utility, and clarity of 
the information to be disclosed; and (c) ways to minimize the burden of 
disclosure on respondents, including through the use of automated 
disclosure techniques or other forms of information technology. 
Comments on the collection of information should be sent to the Office 
of Management and Budget, Paperwork Reduction Project (7100-0200), 
Washington, DC 20503, with copies of such comments sent to Mary M. 
McLaughlin, Federal Reserve Board

[[Page 14532]]

Clearance Officer, Division of Research and Statistics, Mail Stop 97, 
Board of Governors of the Federal Reserve System, Washington, DC 20551.

List of Subjects in 12 CFR Part 205

    Banks, Banking, Consumer protection, Electronic fund transfers, 
Reporting and record keeping requirements.
    Pursuant to the authority granted in sections 904(a) and (c) of the 
Electronic Fund Transfer Act, 15 U.S.C. 1693b(a) and (c), and for the 
reasons set forth in the preamble, the Board amends Regulation E, 12 
CFR part 205, as set forth below:


    1. The authority citation for part 205 continues to read as 

    Authority: 15 U.S.C. 1693-1693r.

    2. Section 205.4 is amended by adding paragraph (c) to read as 

Sec. 205.4  General disclosure requirements; jointly offered services.

* * * * *
    (c) Electronic communication.--(1) Definition. For purposes of this 
regulation, the term electronic communication means a message 
transmitted electronically between a consumer and a financial 
institution in a format that allows visual text to be displayed on 
equipment such as a personal computer monitor.
    (2) Electronic communication between financial institution and 
consumer. A financial institution and a consumer may agree to send by 
electronic communication any information required by this regulation to 
be in writing. Information sent by electronic communication to a 
consumer must comply with paragraph (a) of this section and the 
applicable timing and other requirements contained in the regulation.
* * * * *
    By order of the Board of Governors of the Federal Reserve 
System, March 12, 1998.
William W. Wiles,
Secretary of the Board.
[FR Doc. 98-6988 Filed 3-24-98; 8:45 am]