The Impact Of CFPB Rule On Remittance Transfers

Law360, New York (February 2, 2012, 1:21 PM EST) -- In the Consumer Financial Protection Bureau’s first official final rulemaking, announced Jan. 20, 2012,[1] the agency amended Regulation E[2] to define standards and provide initial guidance in implementing Section 1037 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.[3]

Simultaneously, the agency issued a concurrent proposal soliciting comment on the application of the final rule to certain transactions and remittance transfer providers.[4] The final rule becomes effective Jan. 20, 2013, and the CFPB expects to address the issues raised in the proposed rule prior to...
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