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

Activity

American Bankers Association filed 1 comment on this docket between Jan 21, 2020 and Jan 21, 2020. 0 other organizations filed here. The comment window closed 2380d ago.

What American Bankers Association filed (1)

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.

• American Bankers AssociationTHIS ORG

  1 filing · confidence 97%