Earlier this week, the Consumer Financial Protection Bureau (“Bureau”) published, in the Federal Register, a final rule setting forth an entirely new regulatory scheme for companies that provide remittance transfers, including banks. Remittance transfers are electronic transfers of money from U.S. consumers to recipients in foreign countries. Among other things, the Bureau’s final rule: (1) requires that specific disclosures be given to each “sender” of a remittance transfer showing how much money will be received by the recipient of the transfer in local currency; (2) enables senders to dispute errors for up to 180 days following a remittance transfer; and (3) allows senders to cancel remittance transfer transactions within 30 minutes.
Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act added a new section 919 to the Electronic Fund Transfer Act (“EFTA”) to require certain disclosures and error resolution procedures with respect to remittance transfers. The new rule implements these EFTA provisions.
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