This notice proposes changes to the Remittance Rule to mitigate the expiration of an exception that allows insured institutions to estimate certain costs associated with sending a remittance transfer to increase the normal course of business safe harbor.
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The Request for Information regarding potential rule changes to the Remittance Rule seeks information on the coverage of the rule and on the expiration of an exception that allows certain financial institutions to estimate certain costs that come with sending a remittance transfer.
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of certain of the Bureau’s regulations related to consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E) in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.