Which error resolution requirements apply when a consumer's access device is lost and unauthorized withdrawals were made?

The correct response highlights the roles of both the Truth in Lending Act (TILA) and the Electronic Funds Transfer Act (EFTA) in addressing errors related to a consumer's access device being lost and the occurrence of unauthorized withdrawals.

Under the EFTA, specific provisions govern how financial institutions must respond when a consumer reports a lost access device, such as a debit card. If a consumer reports the loss in a timely manner, their liability for unauthorized transactions is limited, ensuring consumer protection against fraud. The EFTA requires institutions to handle these reports promptly and conduct investigations into unauthorized transactions.

TILA also plays a role as it pertains to disclosure requirements regarding credit terms, including transactions associated with debts and the conditions of liability in cases of unauthorized use. Although TILA primarily focuses on credit, it overlaps with EFTA provisions when discussing consumer protections.

The joint application of TILA and EFTA creates a comprehensive framework for error resolution in situations involving unauthorized access, ensuring that consumers are adequately protected and informed. The inclusion of the Truth in Savings Act (TISA) in the other choices does not apply to this specific scenario, as TISA primarily addresses the disclosure of interest rates and fees regarding deposit accounts rather than error resolution related to unauthorized electronic transfers.