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Effective Date: Reg. E Remittance Transfer Rule 2020 Amendments

The CFPB issued a Final Rule amending the Remittance Transfer Rule in Regulation E. The changes would mitigate the effects of the expiration of insured institutions disclosing estimated amounts to consumers (which expire July 21, 2020). The CFPB has also increased the safe harbor threshold in Reg. E related to whether a person makes remittance transfers in the normal course of business. As discussed in more detail in our Summary, the Final Rule:

1. Increases the safe harbor threshold from 100 remittance transfers to 500 remittance transfers annually; and

2. Allows institutions to use estimates of certain fees and exchange rates in required disclosures if certain conditions are met.

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  • July 21, 2020
  • Time: All Day