View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

CFPB RIN: 3170-AA45 Publication ID: Fall 2014 
Title: Electronic Fund Transfers (Regulation E) 

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. On April 25, 2014, the Bureau issued a proposed rule to extend the temporary exception for certain estimates in the rule from July 21, 2015, to July 21, 2020 and to clarify or make technical corrections to certain other aspects of the rule. In connection with the rulemaking, Bureau staff interviewed approximately 35 industry stakeholders and consumer advocacy groups about the temporary exception. The Bureau published a final rule in September 18, 2014.

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 1005.30 et seq   
Legal Authority: 15 USC 1693o-1(a)(4)(B)   
Legal Deadline:
Action Source Description Date
NPRM  Statutory    07/21/2015 
Action Date FR Cite
NPRM  04/25/2014  79 FR 23233   
NPRM Comment Period End  05/27/2014 
Comment Period Extended  05/16/2014  79 FR 28458   
NPRM Comment Period End  06/06/2014 
Final Rule  09/18/2014  79 FR 55970   
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 3170-AA33, Related to 7100-AD68 
Agency Contact:
Jane Raso
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700