Electronic Fund Transfers (Regulation E); Amendments

Regulation E implements the Electronic Fund Transfer Act (EFTA), which establishes a basic framework of the rights, liabilities, and responsibilities of participants in the electronic fund and remittance transfer systems. Rulemaking authority under EFTA generally transferred from the Federal Reserve Board to the CFPB in July 2011 pursuant to the Dodd-Frank Wall Act. The CFPB restated Regulation E at 12 CFR Part 1005 in December 2011.

Regulation E contains two subparts: A and B. Subpart A contains regulations that apply to electronic fund transfers (EFTs), gift cards and gift certificates. Subpart A’s regulations applicable to EFTs include disclosures, error resolution, and rules related to unauthorized EFTs. The regulations applicable to gift cards and certificates include disclosures, and limitations on fees and expiration dates. Subpart B to Regulation E contains rules regarding remittance transfers. These rules provide for disclosure, error resolution, and cancellation rights. The CFPB has amended subpart B several times since it was established in 2012.

Additionally, in March 2013, the CFPB issued a final rule  amending subpart A to remove the requirement that a fee notice be posted on or at an ATM machine. Finally, in October 2016, the CFPB issued two final rules amending Regulation E. The first rule  established protections for consumers who use prepaid accounts. The second rule  made certain clerical and non-substantive corrections to Regulation E.

Final rule

Read it on the Federal Register

Amendments; official interpretations; corrections

Electronic fund transfers (Regulation E)  - Oct. 12, 2016

  • The Bureau is making certain clerical and non-substantive corrections to errors it has identified in Regulation E, which implements the Electronic Fund Transfer Act. 

Electronic fund transfers (Regulation E)   - Sept. 18, 2014

  • The Bureau is amending subpart B of Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation (Remittance Rule). This final rule extends a temporary provision that permits insured institutions to estimate certain pricing disclosures pursuant to section 1073 of the Dodd-Frank Act. Absent further action by the Bureau, that exception would have expired on July 21, 2015. Based on a determination that the termination of the exception would negatively affect the ability of insured institutions to send remittance transfers, the Bureau is extending the temporary exception by five years from July 21, 2015, to July 21, 2020. The Bureau is also making several clarifications and technical corrections to the regulation and commentary.

Electronic fund transfers (Regulation E); Correction   - Aug. 14, 2013 

  • The Bureau is making a clarificatory amendment and technical correction to a final rule and official interpretation (the 2013 Final Rule) that appeared in the Federal Register on Wednesday, May 22, 2013, 78 FR 30662 . The 2013 Final Rule modifies the final rules issued by the Bureau in February, July, and August 2012 (collectively the 2012 Final Rule) that implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act regarding remittance transfers. This rule makes a clarificatory amendment and a technical correction to the 2013 Final Rule, which amends Regulation E.

Electronic fund transfers (Regulation E )  - May 22, 2013 

  • The Bureau of Consumer Financial Protection (Bureau) is amending its regulation which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. This final rule (the 2013 Final Rule) modifies the final rules issued by the Bureau in February, July, and August 2012 (collectively the 2012 Final Rule) that implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The amendments address three specific issues in the 2012 Final Rule: (1) the disclosure of fees imposed by a designated recipient’s institution; (2) the disclosure of third-party taxes; and (3) the error resolution provisions that apply when a remittance transfer is not delivered because the sender provided certain incorrect or insufficient information.

Electronic fund transfers (Regulation E) temporary delay of effective date   - Jan. 29, 2013

  • The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay the February 7, 2013, effective date of final rules published by the Bureau on February 7, 2012, and August 20, 2012 (collectively, 2012 Final Rule), that amend Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The 2012 Final Rule implements statutory requirements set forth in section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding remittance transfers. The Bureau is delaying the effective date of the 2012 Final Rule pending the finalization of a proposal, published on December 31, 2012 (December 2012 Proposal), that would address three narrow issues in the 2012 Final Rule. The Bureau will determine the new effective date when it finalizes the December 2012 Proposal.

Electronic fund transfers (Regulation E)   - Aug. 20, 2012

  • The Bureau of Consumer Financial Protection is 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 modifies a final rule published in February 2012 implementing section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The final rule adopts a safe harbor with respect to the phrase “normal course of business” in the definition of “remittance transfer provider,” which determines whether a person is covered by the rule. The final rule also revises several aspects of the February 2012 final rule regarding remittance transfers that are scheduled before the date of transfer, including preauthorized remittance transfers.

Electronic fund transfers (Regulation E); correction   - July 10, 2012

  • The Bureau of Consumer Financial Protection (Bureau) is correcting a final rule with an official interpretation (Final Rule) that appeared in the Federal Register of February 7, 2012. 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 Final Rule inadvertently did not reflect certain technical and conforming changes made by an interim final rule published on December 27, 2011. The Final Rule also contained a technical error in the formatting of certain model forms. This document corrects the error and the formatting of the model forms.

Electronic fund transfers (Regulation E)  - Feb. 7, 2012

  • The Bureau of Consumer Financial Protection is 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 Wall Street Reform and Consumer Protection Act.

Electronic Fund Transfers (Regulation E)   - Dec. 27, 2011

  • Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Electronic Fund Transfer Act (EFTA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation E (Electronic Fund Transfers). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation E, previously published by the Board.

Proposed rules

79 FR 23234  - April 25, 2014

77 FR 77188  - Dec. 31, 2012

77 FR 6310  - Feb. 7, 2012

76 FR 29902  - May 23, 2011

Related documents

Defining Larger Participants of the International Money Transfer Market

  • The Bureau of Consumer Financial Protection (Bureau or CFPB) amends the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for international money transfers.