Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)
The Electronic Fund Transfer Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), establishes certain protections for consumers sending international money transfers, or remittance transfers. The Bureau of Consumer Financial Protection’s (Bureau) remittance rule in Regulation E (Remittance Rule or Rule) implements these protections. The Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020. The Bureau is also proposing to increase a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business.
Proposed rule with request for public comment
Read it on the Federal Register (to come)
Submit a formal comment
Regulations.gov comment form for this notice (to come)