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.
The Bureau is releasing a table of contents for this notice as well as an unofficial, informal redline to assist the public in reviewing the proposed changes to the regulatory text and commentary of the Remittance Rule.
Proposed rule with request for public comment
Read it on the Federal Register
Summary of the 2019 proposed amendments to the Remittance Transfer Rule
Table of contents for the 2019 proposed amendments to the Remittance Transfer Rule
Unofficial redline of the 2019 proposed amendments to the Remittance Transfer Rule
Request for Information regarding potential changes to the Remittance Rule (April 25, 2019)