News & Analysis as of

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 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 Releases Money Transfer Exam Procedures, Launches New e-Regulations Tool

On October 22, the CFPB released the procedures its examiners will use in assessing financial institutions’ compliance with the remittance transfer requirements of Regulation E. Amendments to those regulations, finalized by...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 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

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

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