Remittance transfer rule (amendment to Regulation E)
We are amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The final rule provides new protections, including disclosures 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.
This page also contains resources to help you understand the rule and its implications, as well as information about subsequent adjustments to the rule.
Contents
The rule
Effective date
This rule is effective October 28, 2013.
The document issuing the rule
We initially issued this rule on January 20, 2012 and have since amended it. We most recently updated the rule on April 30, 2013. This section describes the documents which collectively contain the rule.
Final rules in the Federal Register
April 30, 2013: We issued 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.
Related proposals
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.
Safe harbor countries
On September 26, 2012, we issued a list of countries that qualify for exception to the remittance rule. Download the safe harbor list for more details about the exceptions.
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))
Summary of the rule
Read the summary to learn about the background of this rule and how it affects providers of remittance transfers.
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