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Comments due: CFPB (remittances)

January 21

The Consumer Financial Protection Bureau (CFPB) is proposing changes to its remittance rule under Regulation E (Electronic Fund Transfer Act, or EFTA) to mitigate the effects of the July 21, 2020, expiration of a statutory exception that allows insured institutions to disclose estimates of the exchange rate and covered third-party fees, instead of exact amounts, to consumers sending international money transfers, or remittances. The CFPB also proposes 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.

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

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Date:
January 21
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