What: The Consumer Financial Protection Bureau (CFPB) proposes a narrowly tailored amendment to certain remittance transfer disclosure requirements in the remittance rule in Regulation E (Remittance Rule or Rule), which implements the Electronic Fund Transfer Act, and certain accompanying model forms.
- Subpart B of Regulation E, at section 1005.31(b)(2)(vi),15: The proposed amendment would require that applicable disclosures, including the receipt and combined disclosure, inform senders of remittance transfers that they can contact the State licensing agency of the remittance transfer provider and the CFPB with unresolved problems with the transfer or complaints about the remittance transfer provider, instead of the current statement that informs senders that they can contact such agencies with questions or complaints. And,
- Would require changes to this statement on model forms A-31, A-32, A-34, A-35, A-37, A-39, and A-40 provided in appendix A to Regulation E
o To make language in the forms conform to the corresponding changes in Regulation E and to accomplish formatting and other changes to achieve consistency across model forms; and
o To make a remittance transfer provider’s contact information easier to locate, and a few minor changes to certain model forms for formatting and consistency. - The proposed final rule, if adopted would take effect 60 after publication in the Federal Register with respect to new disclosures made on or after that date. Remittance transfer providers would not be required to send updated disclosures with respect to disclosures made before that date. The CFPB solicits comments on whether the CFPB should provide a mandatory compliance date that is after the effective date of the proposed changes. Do remittance transfer providers need additional time after the effective date to implement the required changes to their disclosures, including to translate the new statement into new languages? Are there any other steps that will be required to implement the change, and if so, how much time is needed to take those steps?
The proposed revision if adopted will amend parts of 12 CFR Part 15.
When: Comments are due by November 4, 2024. All comments received will be posted here. All submissions, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Proprietary information or sensitive personal information, such as account numbers or Social Security numbers, or names of other individuals, should not be included. Submissions will not be edited to remove any identifying or contact information.
Access more information on the proposed rulemaking and how to submit comments here.
