One Regulation E, Two Very Different Regimes

Patrick McKenzie · 7 Jan 2026

Patrick McKenzie did not write this page.

Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

Our reading
A consumer fraud dispute is decided by a support agent in about three minutes, not by anything resembling a trial.

Their wordsIt is a CSR clicking a button on their web app’s interface after 3 minutes of consideration, and then entire evidentiary record often fits in a tweet.
Our reading
Anything marketed as an alternative to a checking account should fall inside Regulation E’s consumer fraud protections.

Their wordsif it walks like a checking account, quacks like a checking account, and is marketed as an alternative to checking accounts, then it is almost certainly within Reg E scope

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