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Remittance Transfer Rule (subpart B of Regulation E)

We amended Regulation E, which implements the Electronic Fund Transfer Act and the official interpretation to the regulation. The amendments are effective as of October 28, 2013, as subpart B of Regulation E. The amendments provide new protections, including disclosure requirements, and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in the Dodd-Frank Act.

The rule is below. This page also contains resources to help you understand the rule and its implications, as well as links to our consumer education resources.

 

Contents

  1. The rule
    1. Effective date
    2. The documents issuing the rule
  2. Related proposals
  3. Safe harbor countries list
  4. Resources to help you comply
  5. Model forms
  6. Summary of the rule
  7. Consumer education materials

 


The rule

The rule created subpart B of Regulation E. This link is to our eRegs tool which contains the text of the regulation and the official interpretations.

Final rules in the Federal Register

August 14, 2013: The Office of the Federal Register published a clarificatory amendment and technical correction to the remittance rule.
May 22, 2013: The Office of the Federal Register published a rule revising the remittance rule requirements and establishing an effective date.
January 29, 2013: The Office of the Federal Register published a temporary delay in the effective date of the rule until we finalized a proposal published on December 31, 2012.
August 20, 2012: The Office of the Federal Register published a modification of the rule. This modification adopted a safe harbor with respect to the phrase “normal course of business” in the definition of “remittance transfer provider,” and it revised several aspects of the rule regarding remittance transfers that are scheduled before the date of transfer.
July 10, 2012: The Office of the Federal Register published a technical correction to the rule.
February 7, 2012: The rule was published in the Federal Register.

The unofficial complete regulation and interpretation which combines all of the rules listed above.

Effective date

This Remittance Rule became effective October 28, 2013.


Related proposals

April 25, 2014: A proposal to extend the temporary exception allowing for estimation in certain circumstances and to make other clarifications was published in the Federal Register.
December 31, 2012: A separate proposal to refine the rule was published in the Federal Register. The proposal addressed three narrow issues. It also proposed a temporary delay and extension of the effective date of the final rule.
January 20, 2012: Concurrent with the release of the rule, we issued a proposal to modify it. The proposal was published in the Federal Register on February 7, 2012. In the proposal, we requested comment on certain safe harbor provisions and pre-scheduled or pre-authorized international money transfers.
May 12, 2011: The Federal Reserve Board requested public comment on a proposed rule to create new protections for consumers who send remittance transfers internationally. The proposal with request for public comment was published in the Federal Register on May 23, 2011.


Resources to help you comply

Remittance transfer examination procedures will be used by the CFPB to examine entities that provide remittance transfers.
Compliance guide (version 3.0, Aug. 22, 2014):: Our plain-language guide to the rule. This guide makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.
Compliance video: A video overview of the remittance rule and its requirements. Download the slides for further review.
Unofficial complete regulation and interpretation which combines all of the Federal Register notices into one document.
Remittance transfer rule on eRegulations: a pilot tool that makes regulations easy to find, read, and understand.


Safe harbor countries

On November 5, 2013, the Office of the Federal Register published a list of countries that qualify for an exception to the remittance rule.


Model forms

A-30(a) – Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(1)), which includes the general disclaimer for fees charged by the recipient’s bank and foreign taxes
A-30(b) – Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(1)), which includes the general disclaimer and an example of the estimate of fees charged by the recipient’s bank
A-30(c) – Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(1)), which includes the general disclaimer and an example of the estimate of foreign taxes
A-30(d) – Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(1)), which includes the general disclaimer and an example of the estimate of fees charged by the recipient’s bank and an estimate of foreign taxes
A-31 – Model Form for Receipts for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(2))
A-32 – Model Form for Combined Disclosures for Remittance Transfers Exchanged into Local Currency (§ 1005.31(b)(3))
A-33 – Model Form for Pre-Payment Disclosures for Dollar-to-Dollar Remittance Transfers (§ 1005.31(b)(1))
A-34 – Model Form for Receipts for Dollar-to-Dollar Remittance Transfers (§ 1005.31(b)(2))
A-35 – Model Form for Combined Disclosures for Dollar-to-Dollar Remittance Transfers (§ 1005.31(b)(3))
A-36 – Model Form for Error Resolution and Cancellation Disclosures (Long) (§ 1005.31(b)(4))
A-37 – Model Form for Error Resolution and Cancellation Disclosures (Short) (§§ 1005.31(b)(2)(iv) and (b)(2)(vi))
A-38 – Model Form for Pre-Payment Disclosures for Remittance Transfers Exchanged into Local Currency – Spanish (§ 1005.31(b)(1))
A-39 – Model Form for Receipts for Remittance Transfers Exchanged into Local Currency – Spanish (§ 1005.31(b)(2))
A-40 – Model Form for Combined Disclosures for Remittance Transfers Exchanged into Local Currency – Spanish (§ 1005.31(b)(3))
A-41 – Model Form for Error Resolution and Cancellation Disclosures (Long) – Spanish (§ 1005.31(b)(4))


Resources in multiple languages

Remittance transfer providers must include the CFPB’s website on receipts and combined disclosures they provide to consumers. Providers can meet this requirement by including consumerfinance.gov/sending-money or a version of that page available in applicable languages. Information is available in the following languages: Vietnamese, Mandarin, Korean, Tagalog, Russian, Arabic, and Haitian Creole. A list of relevant language URLs is also available.


Summary of the rule

Read the summary to learn about the background of this rule and how it affects providers of remittance transfers. The summary is also available in Spanish.

Consumer education materials

Free print materials are available in English, Spanish, Haitian Creole, Chinese, and Tagalog. Our online offerings are available at consumerfinance.gov/sending-money in these languages as well as Korean, Vietnamese, Russian, and Arabic.

We have answers to frequently asked questions regarding international money transfers in English and Spanish. Consumers with questions or complaints can contact us at (855) 411-2372 or submit a complaint online.

If you download materials related to this campaign, please note that stakeholder participation in the education campaign is voluntary. Additionally, the CFPB does not endorse any company, product or service. Providing stakeholders with our campaign materials does not constitute an endorsement by the CFPB of any stakeholder, product, or service or an assessment of a stakeholder’s compliance with the remittance transfer rule or any other applicable law. The materials are provided for educational and informational purposes only.