April 30, 2013
Authored by: Bryan Cave Leighton Paisner
The Consumer Financial Protection Bureau has just released its much anticipated revisions to the Regulation E provisions governing international remittance transfers.
According to the bureau’s press release, the revised rule makes optional the requirement to disclose foreign taxes and recipient institution fees (unless the recipient institution is the remittance transfer provider’s agent). It also makes clear that a remittance transfer provider does not bear the cost of funds deposited into the wrong account because the sender provided the wrong account number or routing number and certain other conditions are satisfied, although the provider is required to attempt to recover such funds.
The final rule will become effective October 28, 2013.
We are reviewing the full text of the revisions and will provide a more detailed analysis in the coming days.
The revised rule is available here.