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FRS RIN: 7100-AD76 Publication ID: Fall 2011 
Title: ●Regulation E--Electronic Fund Transfers (Docket No: R-1419) 
Abstract: On May 23, 2011, the Federal Reserve Board published proposed amendments to Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The proposal contains new protections for consumers who send remittance transfers to consumers or entities in a foreign country, by providing consumers with disclosures and error resolution rights. The proposed amendments implement statutory requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the proposed rule, a remittance transfer provider must generally provide a written pre-payment disclosure to a sender containing information about the specific transfer, such as the exchange rate, applicable fees and taxes, and the amount to be received by the designated recipient. Oral pre-payment disclosures would be permitted if the transaction is conducted entirely by telephone. The remittance transfer provider must also generally provide a written receipt when payment is made for the remittance transfer that includes the information provided on the prepayment disclosure, as well as additional information, such as the date of availability, the recipient's contact information, and information regarding the sender's error resolution and cancellation rights. Additionally, the proposed rule would establish error resolution procedures similar to those that apply to a financial institution under Regulation E with respect to errors involving electronic fund transfers. The proposal also provides senders specified cancellation and refund rights. Pursuant to the Dodd-Frank Act, rulemaking authority with respect to the relevant provisions of the EFTA was transferred to the Consumer Financial Protection Bureau (CFPB) on July 21,2011. Accordingly, this rulemaking become a proposal of the CFPB on that date and any further action will be taken by the CFPB. The public comment period ended on July 22, 2011. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 205   
Legal Authority: 15 USC 1693 b    15 USC 1693 1(a)    15 USC 1693 1(d)    15 USC 1693 1(f)    ...   
Legal Deadline:
Action Source Description Date
Final  Statutory  Section 1073 of the Dodd-Frank Act  01/21/2012 
Timetable:
Action Date FR Cite
Board Requested Comment  05/23/2011  76 FR 29902   
Transferred to the CFPB  07/21/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No 
Agency Contact:
Samantha Pelosi
Manager
Federal Reserve System
Division of Reserve Bank Operations and Payment Systems,
Phone:202 530-6292