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Regulatory Information
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2013-05-22
article
Electronic Fund Transfers (Regulation E)
Part III
Rules and Regulations
D09002ee1bdca2ed4
D09002ee1bdca2fc7
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
Code of Federal Regulations
Title 12 Part 1005
12 CFR Part 1005
Regulation Identification Number 3170-AA33
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
Federal Register
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
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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
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2013-05-22
2023-04-30
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FR
FR-2013-05-22
78
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