CFPB Proposed Amendment to Rule on Remittance Transfers

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On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers. The proposed amendment: (i) provides flexibility regarding the disclosure of foreign taxes, as well as fees imposed by a designated recipient’s institution for receiving a remittance transfer in an account; (ii) limits a remittance transfer provider’s obligation to disclose foreign taxes to those imposed by a country’s central government; and (ii) revises the error resolution provisions that apply when a remittance transfer is not delivered to a designated recipient because the sender provided incorrect or insufficient information. Comments must be received within 30 days of publication of the proposed amendment in the Federal Register. CFPB Release. CFPB Proposed Amendment.

Topics:  CFPB, EFTA, International Remittance Transfers, Remittance Transfer Rule

Published In: Consumer Protection Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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