On November 27, 2012 the Consumer Financial Protection Bureau (CFPB) announced that it is delaying the effective date of the final Regulation E Remittance Rules from February to May of 2013 to accommodate a few last minute changes. The CFPB plans to propose a narrow set of changes to address the rule’s provisions on: (1) errors resulting from incorrect account numbers provided by senders of remittance transfers; (2) the disclosure of certain foreign taxes and […]
Tag: Regulation E
REMITTANCE RULES – SMALL BUSINESS GUIDE
On October 16th the Consumer Financial Protection Bureau (CFPB) published a small business compliance guide for the international electronic money transfers rule (also known as the remittance rule), which take effect on February 7, 2013. The guide is not a substitute for the rule, but it highlights issues that banks, in particular small banks and those that work with them, should consider while implementing the new requirements. Among other issues the guide addresses the exemption […]
CFPB IS REVIEWING PREPAID CARDS
On May 23, 2012, the Consumer Financial Protection Bureau (CFPB) took the first step toward adopting consumer protections for the fast-growing prepaid card market. The Bureau’s Advance Notice of Proposed Rulemaking seeks input on how to ensure that consumers’ funds on prepaid cards are safe and that card terms and fees are transparent. The Bureau’s rulemaking will focus on “General Purpose Reloadable” prepaid cards which allow consumers to load the cards with money upfront and […]
CFPB REQUESTS INFORMATION ON OVERDRAFT PROGRAMS
The Consumer Financial Protection Bureau (CFPB) has published a Notice and Request for Information on overdraft programs. The Dodd-Frank Act grants regulatory authority to the CFPB for the Electronic Funds Transfer Act and the Truth in Savings Act, which taken together, in part, govern consumer transaction accounts. The CFPB is reviewing existing regulations and supervisory guidance issued by various regulators pertaining to the use of overdraft programs by financial institutions. To support this review, the […]
CFPB PUBLISHES MAJOR REVISION TO REGULATION E
A volcanologist is a person who studies volcanoes. It must be a frustrating job; one to which I can relate. I guess I am a CFPBologist. I study the Consumer Financial Protection Bureau to try to predict when they will erupt. The Bureau of Consumer Financial Protection (CFPB) is publishing a final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer […]