FIF Reg E Remittance Transfer Working Group

The Consumer Financial Protection Bureau (CFPB) promulgated a notice of proposed rulemaking intended to mitigate the effects of the expiration of a statutory exception in the Remittance Rule. Specifically, the exception allows insured institutions to disclose estimates instead of exact amounts to consumers, and to increase a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business. This exception expires on July 21, 2020. FIF is resurrecting our Reg E Remittance Transfers Working Group to discuss potential effects of the proposed amendments to the remittance transfer provisions of Reg E on broker-dealers. FIF will hold a kick-off call on Tuesday, February 4th at 11:00 am ET. If you would like to join this working group and are not yet subscribed, please update your profile here or email the program office at fifinfo@fif.com.