We are not aware of any requirement to send existing customers a new set of initial disclosures under Regulation E (provided that those customers have already received initial disclosures). Regulation E requires initial disclosures only “at the time a consumer contracts for an electronic fund transfer service or before the first electronic fund transfer is made involving the consumer's account.” 12 CFR 1005.7(a).

That said, your institution may need to mail or deliver change in terms notices to your existing customers. For example, if the new debit card network’s liability provisions differ from the old network’s liability provisions, those differences could trigger the change in terms notice requirement if they result in “increased liability for the consumer.” (The other triggers are increased fees, a reduction in the types of available electronic fund transfers, and stricter limitations on the frequency or dollar amount of transfers.) 12 CFR 1005.8(a)(1).

In addition, Regulation E requires certain disclosures and explanations when financial institutions issue unsolicited debit cards to customers. 12 CFR 1005.5(b). However, we don’t believe that those provisions would apply when replacing existing customer debit cards. When sending a debit card “in substitution for” an existing debit card, it should be treated as a solicited issuance. 12 CFR 1005.5(a)(2). Subsection (b)’s requirements for unsolicited issuances apply only if you are sending more than one debit card to customers that currently have only one debit card, as explained in the Official Staff Commentary (Comment 5, 12 CFR 1005.5(b)):

5. Additional access devices in a renewal or substitution. — A financial institution may issue more than one access device in connection with the renewal or substitution of a previously issued accepted access device, provided that any additional access device (beyond the device replacing the accepted access device) is not validated at the time it is issued, and the institution complies with the other requirements of §1005.5(b). The institution may, if it chooses, set up the validation procedure such that both the device replacing the previously issued device and the additional device are not validated at the time they are issued, and validation will apply to both devices. If the institution sets up the validation procedure in this way, the institution should provide a clear and readily understandable disclosure to the consumer that both devices are unvalidated and that validation will apply to both devices.