Remittance Transfer Rule Consumer Financial Protection Bureau

News & Analysis as of

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

CFPB extends comment period on proposal to extend depository institution exception and make other changes to remittance transfer...

The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

CFPB Proposes to Extend Temporary Exemption under Remittance Transfer Rule

The CFPB proposed revisions to its remittance transfer rule finalized and amended several times. The proposal would amend the remittance rule to extend a temporary exemption and make additional clarifications to the rule. The...more

CFPB Issues Proposed Rules Amending Regulation E to Extend the Deadline for Disclosure of Transaction Pricing Estimates

On Friday, April 25, the Consumer Financial Protection Bureau (the “Bureau”) published proposed rules and a request for public comment in the Federal Register to amend certain of its final rules on remittance transfers...more

CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The...more

Financial Services Bulletin: Action At The Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Proposes Rule to Oversee Larger Nonbank International Money Transfer Providers - On Thursday, January 23, 2014, the Consumer Financial Protection Bureau (the "CFPB") proposed a rule...more

Remittance transfer rule changes unlikely

Industry should not expect to see any material changes to the CFPB’s remittance transfer rule, at least not between now and 2018 when the CFPB is required to review the rule. That’s the view of Isaac Boltansky of...more

Dodd-Frank News: November 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more

CFPB’s Remittance Transfer Rule

The Consumer Financial Protection Bureau’s (“CFPB”) Remittance Transfer Rule, also known as Regulation E, became effective on October 28, 2013. The Rule established the basic rights, liabilities, and responsibilities of...more

CFPB launches remittance transfer rule multimedia campaign

The CFPB’ s new remittance transfer rule became effective on October 28 and to mark the occasion, the CFPB announced the launch of a nationwide multimedia campaign directed at consumers. The campaign includes the...more

CFPB Releases Examination Procedures for Remittance Transfer Rule

The CFPB issued examination procedures to incorporate the remittance transfer rule finalized and amended several times. The focus of the examination procedures reportedly will be in 3 areas: (1) providing required disclosures...more

CFPB issues examination procedures for remittance transfers

The Bureau has updated its examination manual with procedures to be followed when examining institutions that make remittance transfers for consumers. A remittance transfer is a wire transfer sent by a consumer in the United...more

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

CFPB updates remittance rule small business guide and makes “clarificatory” amendment and technical correction to rule

The CFPB has updated its small business guide on the remittance transfer rule to reflect the changes to the rule that were made this past May dealing with the scope of the error resolution procedures, disclosure of recipient...more

CFPB Finalizes Revisions to Remittances Rule, Sets October 28 Effective Date

The Consumer Financial Protection Bureau has finalized revisions to its remittance transfers rule and set October 28, 2013, as the rule’s new effective date. While not entirely eliminating the requirement for remittance...more

CFPB finalizes revisions to remittances rule and sets October 28 effective date

Despite the urging of many industry commenters that it eliminate altogether the requirement for remittance transfer providers to disclose recipient institution fees, the CFPB chose not to go that far in the revisions to its...more

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

CFPB Delays Remittance Rule

The Consumer Financial Protection Bureau (Bureau) announced on January 22 that it is issuing a final rule to delay the February 7, 2013, effective date of final rules published by the Bureau on February 7, 2012, and August...more

CFPB delays remittance transfer rule effective date

The CFPB has issued a final rule delaying the effective date of the remittance transfer rule pending finalization of its December 2012 proposal to make changes in three areas....more

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more

CFPB Proposed Amendment to Rule on Remittance Transfers

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....more

CFPB Proposes Revisions to Remittance Rule

The Consumer Financial Protection Bureau (CFPB or Bureau) on December 21 issued proposed revisions to a rule that creates certain protections for consumers who transfer money internationally. The proposed revisions, according...more

Bureau Proposes Further Revisions to Remittance Transfer Rules

On December 31, 2012, the Consumer Financial Protection Bureau (“Bureau”) published in the Federal Register revisions (“Proposal”) to rules on international remittance transfers that the agency published in February 2012 and...more

CFPB Bulletin on Proposed Changes to Remittance Rule

On November 27, the CFPB issued a bulletin explaining the CFPB’s intent to propose limited adjustments to its rule on international money transfers as well as an extension of the date the rule will become effective until the...more

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