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CFPB RIN: 3170-AA96 Publication ID: Spring 2020 
Title: Remittance Transfers 
Abstract:

Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a temporary exception to its requirements that remittance transfer providers disclose actual amounts for remittance transfers.  The exception permits insured depository institutions and insured credit unions in certain circumstances to estimate certain required disclosures. As mandated by statute, this exception will expire on July 21, 2020.  After completing an assessment in October 2018 of the Remittance Rule and issuing in April 2019 a Request for Information to gather information related to the expiration of the temporary exception and information related to the scope of the Remittance Rule’s coverage, the Bureau issued a Notice of Proposed Rulemaking (NPRM) in December 2019. In the NPRM, the Bureau proposed to increase a safe harbor threshold under which a person is deemed not to be providing remittance transfers in the normal course of business, from 100 per year to 500 per year.  The Bureau also proposed changes to mitigate the effects of the expiration of the statutory temporary exemption, by allowing insured institutions to continue to estimate the exchange rate and covered-third party fees under certain circumstances.  Finally, the Bureau solicited comment on a permanent exception permitting remittance transfer providers to use estimates for transfers to certain countries and the process for adding countries to the safe harbor countries list maintained by the Bureau.  In May 2020, the Bureau expects to take final action on the December 2019 NPRM. 

 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Independent agency 
CFR Citation: 12 CFR 1005   
Legal Authority: 15 U.S.C. 1693 et seq.   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Pre-Rule Activity--Request for Information  04/29/2019  84 FR 17971   
NPRM  12/06/2019  84 FR 67132   
NPRM Comment Period End  01/21/2020 
Final Rule  05/11/2020  85 FR 34870   
Final Rule Effective  05/11/2020 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Jane Raso
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700