Links in “Regulation E (EFTA)/Remittance Transfers”

The FDIC is moving forward with its information collection proposal on account-based disclosures in connection with Regulations E, CC, and DD. [11/20/2014]

Every year, consumers in the U.S. transfer billions of dollars out of the country through banks, credit unions, and other businesses in ways that fall under the definition of a remittance transfer. In light of the CFPB's recent amendments to Regulation E, AffirmX's Senior Analyst Coppelia Padgett helps clear the air about what a remittance transfer is and what it involves, because you might be surprised at what is and is not covered by this regulation and the recent amendments. [9/9/14]

Credit unions will be able to continue to use estimates on their remittance transfer pricing disclosures until July 21, 2020. The final rule issued by the CFPB on Friday extended by five years a temporary exemption that was due to expire next year. [8/25/14]

The CFPB finalized its remittance rule which is targeted at protecting consumers who send money internationally. New changes include error resolution, canceling rights, and the required disclosure of fees by remittance transfer providers. [8/25/14]

Perhaps not yet, but NAFCU is continually working to reduce the regulatory burden of several areas including mortgage rules, remittances, overdraft services, and prepaid cards. [8/12/14]

The trade groups are generally supportive of the proposal to revise the Remittance Transfer Rule, but outline in this letter a number of clarifications and revisions that are needed, including a clarification that would permit the remittance transfer provider to look at the way in which an account funding a transfer is identified at the time the transfer is requested to help determine whether it is for personal, family or household purposes. [6/10/14]

In a comment letter to the CFPB on proposed remittance rule amendments, NAFCU argued for an expansion of the 100-remittance threshold for exemption to the new disclosure rules. NAFCU pointed out that over 25% of credit unions have said they have or will discontinue offering remittance services and those that still offer remittance services have had to increase the fees to members significantly. [6/9/14]

The CFPB seeks comments, data, and information from the public about proposed amendments to certain disclosure and error resolution requirements set forth in subpart B of Regulation E (Remittance Proposal). The comment period on the Remittance Proposal has been extended to close on June 6, 2014. [5/16]

The CFPB issued its proposal to Regulation E that will extend the temporary exception rule by five years to July 2020 and provide clarifying amendments and technical corrections to the final rule. [4/28]

CFPB's proposal would extend the temporary exception to the rule for five years, allowing institutions to estimate fees and rates in certain circumstances. [4/18]