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CFPB | RIN: 3170-AA33 | Publication ID: Fall 2013 |
Title: Disclosure Rules For Remittance Transactions (Regulation E) | |
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 requires remittance transfer providers to provide certain disclosures, cancellation rights, and error resolution procedures. In August 2012, the CFPB published a final rule providing additional guidance regarding what companies are not subject to the rule because they do not provide remittance transfers in the "normal course of business" and modifying certain requirements as applied to remittance transfers scheduled several days in advance. In May 2013, the CFPB published an additional final rule that revised the requirements of the rule. Specifically, the CFPB revised requirements for errors resulting from incorrect account numbers provided by senders of remittance transfers and the disclosure of foreign taxes and third- party fees. The CFPB also set a new effective date for the rule of October 28, 2013. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1005 | |
Legal Authority: 12 USC 5512 12 USC 5581 12 USC 5601 15 USC 1693b |
Legal Deadline:
None |
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Timetable:
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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-AD68, Related to 3170-AA31 | |
Agency Contact: Eric Goldberg Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |