Bulletin re: implementation of the remittance rule (Regulation E, Subpart B)
The Consumer Financial Protection Bureau (CFPB or the Bureau) expects to issue a
proposal next month to refine three elements of its rule regarding foreign remittance
transfers. The proposal will be narrowly targeted to address the rule’s provisions on:
(1) errors resulting from incorrect account numbers provided by senders of remittance
transfers; (2) the disclosure of certain foreign taxes and third-party fees; and (3) the
disclosure of sub-national, foreign taxes.
CFPB Bulletin 2012-08