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CFPB RIN: 3170-AA45 Publication ID: Spring 2014 
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 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: Previously 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:
Action Source Description Date
NPRM  Statutory    07/21/2015 
Timetable:
Action Date FR Cite
NPRM  04/25/2014  79 FR 23233 
NPRM Comment Period End  05/27/2014   
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

 
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