|
Title: ●Disclosures For Remittance Transactions (Regulation E)
|
|
Abstract: The CFPB published in the Federal Register on February 7, 2012, a final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amended the Electronic Fund Transfer Act (EFTA) to create a comprehensive new Federal consumer protection regime for remittance transfers by U.S. consumers to individuals and businesses in foreign countries. Consistent with the statute, the final rule requires remittance transfer providers to provide certain disclosures, cancellation rights, and error resolution procedures. In August 2012, the CFPB published a final rule providing additional guidance regarding what companies are not subject to the rule because they do not provide remittance transfers in the "normal course of business" and modifying certain requirements as applied to remittance transfers scheduled several days in advance. The CFPB is now working on an additional rulemaking in which it is proposing to revise three provisions of the rule: (1) Errors resulting from incorrect account numbers provided by senders of remittance transfers; (2) the disclosure of certain foreign taxes and third-party fees; and (3) the disclosure of sub-national, foreign taxes. The Bureau will also propose a brief extension of the effective date of the rule until 90 days after the Bureau finalizes the proposal.
|
|
Agency: Consumer Financial Protection Bureau(CFPB)
|
Priority: Substantive, Nonsignificant
|
|
RIN Status:
First time published in the Unified Agenda
|
Agenda Stage of Rulemaking:
Proposed Rule Stage
|
|
Major:
Undetermined
|
Unfunded Mandates:
No
|
|
CFR Citation:
12 CFR 1005
|
|
Legal Authority:
15 USC 1693o-1
|