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CFPB | RIN: 3170-AA15 | Publication ID: Fall 2011 |
Title: ●Disclosure Rules for Remittance Transactions (Regulation E) | |
Abstract: The Federal Reserve Board (Board) published in the Federal Register on May 23, 2011, a proposed rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which added a new section 919 to the Electronic Fund Transfer Act (EFTA). Consistent with the statute, the proposed rule requires that remittance transfer providers give senders of remittance transfers certain disclosures, including information about fees, the applicable exchange rate, and the amount of currency to be received by the recipient. The proposal also implements two statutory exceptions that permit remittance transfer providers to disclose estimates of the amount of currency to be received, rather than the actual amount. In addition, the proposed rule provides error resolution rights for senders of remittance transfers and promulgates standards for resolving errors and recordkeeping rules. The proposed rule also provides senders specified cancellation and refund rights. Pursuant to the Dodd-Frank Act, the rulemaking authority for the EFTA transferred from the Board to the CFPB on July 21, 2011. The CFPB is working to issue a final rule. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 205 12 CFR 1005 | |
Legal Authority: 15 USC 1693o-1 |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: Yes | |
Related RINs: Related to 7100-AD76 | |
Agency Contact: Vivian Wong Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |