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CFPB | RIN: 3170-AA45 | Publication ID: Fall 2013 |
Title: ●Extension of the Temporary Exception for Certain Disclosures Under the Remittance Transfer Rule | |
Abstract: On February 7, 2012, the CFPB published in the Federal Register 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 generally requires remittance transfer providers to provide exact disclosures relating to the remittance transfer, but permits insured depository institutions and insured credit unions to estimate the exchange rate and certain other disclosures under certain circumstances. The statute provides that the exception shall expire on July 21, 2015, unless the CFPB extends the exception for up to five years based on a determination that the termination of this provision would negatively affect the ability of insured institutions to send remittances to locations in foreign countries. The CFPB will consider in a 2014 rulemaking whether to extend the temporary exception for certain estimates in the rule beyond its current expiration date. | |
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: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 15 USC 1693o-1(a)(4)(B) |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Related RINs: Related to 3170-AA33, Related to 7100-AD68 | |
Agency Contact: Eric Goldberg Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |