The Remittance Transfer Rule (“Remittance Rule”), Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, requires transfer providers to provide prepayment disclosures to consumers prior to paying for a remittance...more
On June 2, 2020, the Consumer Financial Protection Bureau (CFPB) provided additional guidance to remittance transfer providers regarding the Remittance Rule, subpart of Regulation E....more
On May 11, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it will impose stricter reporting requirements on entities that process international money and remittance transfers for consumers. This final...more
The CFPB has issued a policy statement regarding its approach to supervision and enforcement of remittance transfers during the COVID-19 pandemic....more
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
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
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
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
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
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
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