United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2013_register executive 2013-05-22 article Part III Rules and Regulations D09002ee1c7fb77b8 D09002ee1c7fb78a8 United States Bureau of Consumer Financial Protection originator org United States Government Agency or Subagency The Bureau of Consumer Financial Protection (Bureau) is amending its regulation which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. This final rule (the 2013 Final Rule) modifies the final rules issued by the Bureau in February, July, and August 2012 (collectively the 2012 Final Rule) that implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The amendments address three specific issues. First, the 2013 Final Rule modifies the 2012 Final Rule to make optional, in certain circumstances, the requirement to disclose fees imposed by a designated recipient's institution. Second and relatedly, the 2013 Final Rule also makes optional the requirement to disclose taxes collected by a person other than the remittance transfer provider. In place of these two former requirements, the 2013 Final Rule requires disclaimers to be added to the rule's disclosures indicating that the recipient may receive less than the disclosed total due to the fees and taxes for which disclosure is now optional. Finally, the 2013 Final Rule 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, and, in particular, when a sender provides an incorrect account number or recipient institution identifier that results in the transferred funds being deposited in the wrong account. 78 FR 30662 https://www.govinfo.gov/app/details/FR-2013-05-22/2013-10604 2013-10604 fr22my13-12 RIN 3170-AA33 4810-AM-P Docket No. CFPB-2012-0050 https://www.govinfo.gov/app/details/FR-2013-05-22/2013-10604 https://www.govinfo.gov/content/pkg/FR-2013-05-22/html/2013-10604.htm https://www.govinfo.gov/content/pkg/FR-2013-05-22/pdf/2013-10604.pdf Banking Banks Consumer Protection Credit Unions Electronic Fund Transfers National Banks Remittance Transfers Reporting and Recordkeeping Requirements Savings Associations 60 p. 30662 30721 78 FR 30662 Title 12 Part 1005 12 CFR Part 1005 RIN 3170-AA33 Electronic Fund Transfers (Regulation E); Federal Register Vol. 78, Issue RULE 2013-10604 III BUREAU OF CONSUMER FINANCIAL PROTECTION 2013-10-28 Docket No. CFPB-2012-0050 4810-AM-P 2013-10604 Final rule; official interpretation.

The Bureau of Consumer Financial Protection (Bureau) is amending its regulation which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. This final rule (the 2013 Final Rule) modifies the final rules issued by the Bureau in February, July, and August 2012 (collectively the 2012 Final Rule) that implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The amendments address three specific issues. First, the 2013 Final Rule modifies the 2012 Final Rule to make optional, in certain circumstances, the requirement to disclose fees imposed by a designated recipient's institution. Second and relatedly, the 2013 Final Rule also makes optional the requirement to disclose taxes collected by a person other than the remittance transfer provider. In place of these two former requirements, the 2013 Final Rule requires disclaimers to be added to the rule's disclosures indicating that the recipient may receive less than the disclosed total due to the fees and taxes for which disclosure is now optional. Finally, the 2013 Final Rule 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, and, in particular, when a sender provides an incorrect account number or recipient institution identifier that results in the transferred funds being deposited in the wrong account.

This rule is effective October 28, 2013. The effective date of the rules published February 7, 2012 (77 FR 6194), July 10, 2012 (77 FR 40459), and August 20, 2012 (77 FR 50244), which were delayed on January 29, 2013 (78 FR 6025), is October 28, 2013. Eric Goldberg, Ebunoluwa Taiwo or Lauren Weldon, Counsels; Division of Research, Markets & Regulations, Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20552, at (202) 435-7700 or CFPB_ RemittanceRule@consumerfinance.gov. Please also visit the following Web site for additional information: http://www.consumerfinance.gov/ regulations/final-remittance-rule-amendment-regulation-e/. Banking Banks Consumer Protection Credit Unions Electronic Fund Transfers National Banks Remittance Transfers Reporting and Recordkeeping Requirements Savings Associations Electronic Fund Transfers , CFPB_RemittanceRule@consumerfinance.gov 2.xi.is http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1863929 http://www.consumerfinance.gov/regulations/final-remittance-rule-amendment-regulation-e/ http://www.sba.gov/sites/default/files/files/Size_Standards_Table.pdf http://www.swift.com/products_services/bic_and_iban_format_registration_bic_details www.reginfo.gov www.regulations.gov Vol. 78, no. 99 Office of the Federal Register, National Archives and Records Administration 2013-05-22 continuing daily deposited born digital 550 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2013-05-22 P0b002ee184ddbd4d 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr22my13 https://www.govinfo.gov/app/details/FR-2013-05-22 https://www.govinfo.gov/content/pkg/FR-2013-05-22/pdf/FR-2013-05-22.pdf https://www.govinfo.gov/content/pkg/FR-2013-05-22/xml/FR-2013-05-22.xml fdlp 30197 30736 DGPO 2013-05-22 2024-06-03 FR-2013-05-22 machine generated eng FR FR-2013-05-22 78 99