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

1 organizations filed 1 public comment on Remittance Transfers under the Electronic Fund Transfer Act (Regulation E), at the Consumer Financial Protection Bureau. The comment window closed 2380d ago.

Abstract

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. In addition, the Bureau is 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, which would have the effect of reducing compliance costs for entities that make a limited number of remittance transfers annually.

Commenters (1)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%