Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)

Title:
Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)
Subject: Remittances
Agency: CFPB
Status: Proposed rule
Summary:
The Electronic Fund Transfer Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), establishes certain protections for consumers sending international money transfers, or remittance transfers. The Bureau of Consumer Financial Protection’s (Bureau) remittance rule in Regulation E (Remittance Rule or Rule) implements these protections. The Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020. In addition, the Bureau is proposing to increase a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business, which would have the effect of reducing compliance costs for entities that make a limited number of remittance transfers annually.
FR Doc: 2019-25944
Date proposed: Dec. 3, 2019
Comments due date:

Jan. 21, 2020

Final rule effective date:
Rule compliance date:
Agency release:

Related Reg Report item(s): Proposal would allow estimates for remittance fee disclosures; raises ‘safe harbor’ to 500 per year

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