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Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)

The Electronic Fund Transfer Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection 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 implements these protections. The Bureau is amending Regulation E and the official interpretations of Regulation E to provide tailored exceptions to address compliance challenges that insured institutions may face in certain circumstances upon 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 increasing a safe harbor threshold related to whether a person makes remittance transfers in the normal course of its business.

Final rule

Read it on the Federal Register

View pdf