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

Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)
Subject: Remittances
Agency: CFPB
Status: Final rule

The Electronic Fund Transfer Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection 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 amending Regulation E and the official interpretations of Regulation E to provide tailored exceptions to address compliance challenges that insured institutions may face in certain circumstances upon 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 increasing a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business.

FR Doc: 2020-10278
Date proposed: Dec. 3, 2019
Comments due date:

Jan. 21, 2020

Final rule effective date: July 21, 2020
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