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CFPB RIN: 3170-AA23 Publication ID: 2012 
Title: ●Disclosure Rules 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 added a new section 919 to the Electronic Fund Transfer Act (EFTA). Consistent with the statute, the final 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 final rule 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 final rule provides error resolution rights for senders of remittance transfers and promulgates standards for resolving errors and recordkeeping rules. The final rule also provides senders specified cancellation and refund rights. The CFPB published a related concurrent proposed rule in the Federal Register on February 7, 2012. The proposed rule requested comment on two technical changes to the final rule, including: (1) Under what circumstances a person may be providing remittance transfer services in the "normal course of business" to be considered a "remittance transfer provider" subject to compliance with the final rule, and (2) how the final rule should be applied to remittance transfers scheduled in advance of when the transfer is made. The CFPB published a rule finalizing this proposal on August 20, 2012. 
Agency: Consumer Financial Protection Bureau(CFPB)  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 1005   
Legal Authority: 15 USC 1693o-1   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  02/07/2012  77 FR 6310   
NPRM Comment Period End  04/09/2012 
Final Rule  08/20/2012  77 FR 50243   
Final Rule Effective  02/07/2013 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 7100-AD76, Related to 3170-AA15 
Agency Contact:
Dana Miller
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700