Monday Regulatory Roundup: Here’s What’s Happening in Washington (2/13)

February 20, 2012 at 4:55 pm Leave a comment

Electronic Fund Transfers (Regulation E)

AGENCY: Bureau of Consumer Financial Protection.

SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is

proposing to amend Regulation E, which implements the Electronic Fund

Transfer Act, and the official interpretation to the regulation, which

interprets the requirements of Regulation E. The proposal is related to

a final rule, published elsewhere in today’s Federal Register, that

implements section 1073 of the Dodd-Frank Wall Street Reform and

Consumer Protection Act regarding remittance transfers. The proposal

requests comment on whether a safe harbor should be adopted with

respect to the phrase “normal course of business” in the definition

of “remittance transfer provider.” This definition determines whether

a person is covered by the rule. The proposal also requests comment on

several aspects of the final rule regarding remittance transfers that

are scheduled in advance, including preauthorized remittance transfers.

In developing the final rule, the Bureau believes that these issues

would benefit from further public comment.

DATES: Comments must be received on or before April 9, 2012.

Entry filed under: Uncategorized.

Monday Regulatory Roundup: Here’s What’s Going on in Washington (2/6) Monday Regulatory Roundup: Here’s What’s Happening in Washington (2/20)

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