CFPB to amend remittance rule in Regulation E

Effective July 21, 2020, the Consumer Financial Protection Bureau (CFPB) is amending the remittance rule in Regulation E and the official interpretations of Regulation E. These changes will provide tailored exceptions to address compliance challenges that insured institutions may face in certain circumstances upon the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020.

The Bureau is also increasing a safe harbor threshold related to whether a person makes remittance transfers in the normal course of its business.

Full details about the amendment can be viewed on the CFPB’s website.