Consumer Financial Protection Bureau (CFPB)

This page is intended to include all CFPB-Related topics such as:
   "Dodd-Frank," the EFTA (Electronic Funds Transfer Act), "Regulation E," and the "Remittance Rules."

Remittance Transfer Rule (subpart B of Regulation E) - Main page of the CFPB on the Dodd-Frank Final Remittance Rules

   Dodd-Frank in its Entirety (see Section 1073 Remittance Rules)
   Just Section 1073
   15 USC 1693-o1
   12 CFR Part 1005
   12 U.S. Code § 5601 - Remittance transfers

Resources to help you comply:

Remittance transfer examination procedures will be used by the CFPB to examine entities that provide remittance transfers.

Compliance guide (version 3.0, Aug. 22, 2014):: Our plain-language guide to the rule. This guide makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.

Compliance video: A video overview of the remittance rule and its requirements. Download the slides for further review.

Unofficial complete regulation and interpretation which combines all of the Federal Register notices into one document.

Remittance transfer rule on eRegulations: a pilot tool that makes regulations easy to find, read, and understand.
Remittance transfer rule on eRegulations - New amendments effective: 04/01/2019

Regulation E

CFPB Initiates Inherited Regulations Streamlining Process
Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries- July 2011

July 09, 2014

CFPB report suggests remittance transfer history offers little value for credit score -
Lexology - BuckleySandler LLP - On July 3, the CFPB published a report on its study of the use of remittance histories in credit scoring, which found that (i) remittance histories have little predictive value for credit scoring purposes, and (ii) remittance histories are unlikely to improve the credit scores of consumers who send remittance transfers.

January 23, 2014
CFPB Issues proposed rule on defining larger participants.
- Comment due in 60 days.
CFPB Proposes Rule to Oversee Larger Nonbank International Money Transfer Providers

June 25, 2012
Major Lawsuit Claims Dodd-Frank Is Unconstitutional
In the Wall Street Journal, C. Boyden Gra and Jim R. Purcell explain why they recently filed a lawsut claiming that the Dodd-Frank Wall Street Reform and Consumer Protection Act is Uncontitutional.

Final Rule

September 18, 2014
The Office of the Federal Register published a rule extending the temporary exception for certain disclosures under the Remittance Transfer Rule.

August 14, 2013
The Office of the Federal Register published a clarificatory amendment and technical correction to the remittance rule.

Request for Comment - you have 60 days....
"The proposal requests comment on whether a safe harbor should be adopted with respect to the phrase “normal course of business” in the definition of “remittance transfer provider.” This definition determines whether a person is covered by the rule. The proposal also requests   comment on several aspects of the final rule regarding remittance transfers that are scheduled in advance, including preauthorized remittance transfers."

May 12, 2011

Federal Reserve Website Notice

Viamericas Comments

May 12, 2011

The Proposed Rules

SBA Comments Questioning the Proposed Rule
NMTA Comment on Defining Larger Nonbank Participants
NMTA Comment Letter

Final Remittance Rule (Amendment to Regulation E) - Summary of the Rule and Other Relevant Links.

April 20, 2011
Summary of Findings: Design and Testing of Remittance Disclosures

Page 6 - “In most cases, even those participants who wanted more pre-transaction information said that when sending money they generally already know in advance what fee they will be charged, and could get additional information from the agent orally if necessary.”
Page 7 - “…asked how useful that information would be to them. Most participants cited limitations or obstacles to the usefulness of such a posting….”

July 20, 2011
CFPB - Report on Remittance Transfers

June 3, 2009
Click Here To View Archived Webcast - Subcommittee on Financial Institutions and Consumer Credit Hearing, "Remittances: Regulation and Disclosure in a New Economic Environment," - 10 a.m. on Wednesday.

Witness List & Prepared Testimony:
Dr. Manuel Orozco, Senior Associate and Director of Remittances and Development, Inter-American Dialogue
Ms. Annette LoVoi, Field Director, Appleseed
Mr. Mark A. Thompson, Associate General Counsel, The Western Union Company ·
Mr. Scott McClain, Deputy General Counsel, Financial Service Centers of America
Available Member Statements: Congresswoman Waters
Printed Hearing: 111-39

Financial Services Regulation of Certain Wire and ACH

Remittances - House Financial Services Committee
Remittances: Reducing Costs, Increasing Competition and...
To: All Roundtable Dodd-Frank Regulatory Working Groups,
ABA Staff Analysis: Remittances Proposal – Dodd-Frank,
Meeting Between Federal Reserve Staff and Representatives,
The Dodd-Frank Act: Remittance Transfers,