The Consumer Financial Protection Bureau published proposed rules and a request for public comment Friday dealing with changes to Regulation E, which implements the Electronic Fund Transfers Act (EFTA). The CFPB wants to change certain parts of its final rules on remittance transfers contained in subpart B to Regulation E. Under the proposal, the Bureau would “extend a temporary provision that permits insured institutions to estimate certain pricing disclosures” through July 21, 2020. Currently, that exception is set to expire July 21, 2015.
The CFPB argues that the exemption needs to change because ending it in 2015 would negatively affect the ability of insured institutions to send remittance transfers. Under the current rules, insured financial institutions can estimate certain third-party fees and exchange rates associated with a remittance transfer, so long as:
But after the CFPB’s 2013 Final Rule went into effect and created subpart B of Regulation E, the Bureau interviewed 35 consumer and industry stakeholders impacted by the rule. CFPB staff collected information on the remittance transfer market, industry practices and reliance on the temporary exception, and the impact of the exception and its potential expiration on consumers and institutions.
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