Request for Information Regarding Potential Changes to the Remittance Rule
The Electronic Fund Transfers Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, creates certain protections for senders of international money transfers, or remittances. The CFPB implemented these protections in the Remittance Rule. This request seeks information that may inform possible changes that would not eliminate, but would mitigate the effects of the expiration of an exception for certain financial institutions. EFTA expressly limits the length of the exception to July 21, 2020 and does not authorize the Bureau to extend the term. The CFPB also seeks information related to the rule’s coverage, including whether to change a safe harbor that determines who must comply, and whether a small financial institution exception may be appropriate.