State agency that licenses or charters a provider. 3. 5. 1026.39 Mortgage transfer disclosures. A "remittance transfer" means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider. If a sender does not know the currency in which funds will be received, the provider may assume that the currency in which funds will be received is the currency in which the remittance transfer is funded. E-Sign Act requirements. The exchange rate used to calculate this amount is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by 1005.32, prior to any rounding of the exchange rate; (vi) Any covered third-party fees, in the currency in which the funds will be received by the designated recipient, using the term Other Fees, or a substantially similar term. Sections 1005.31(b)(1)(i) and (v) require two transfer amount disclosures. The information required by paragraph (b)(2)(iv) of this section generally must be disclosed in close proximity to the other information required by paragraph (b)(2) of this section. 2. Instructions regarding the retrieval of funds, such as the number of days the funds will be available to the recipient before they are returned to the sender; and. Alternatively, the remittance transfer provider may provide the disclosure solely in English and, if applicable, the foreign language primarily used by the sender with the remittance transfer provider to conduct the transaction or assert an error, provided such language is principally used by the remittance transfer provider to advertise, solicit, or market either orally, in writing, or electronically, at the office in which the sender conducts the transaction or asserts the error, respectively. For purposes of subpart B, payment is made, for example, when a sender provides cash to the remittance transfer provider or when payment is authorized. When a remittance transfer provider knows the non-covered third-party fees or taxes collected on the remittance transfer by a person other than the provider that will apply to a particular transaction, 1005.31(b)(1)(viii) permits the provider to disclose the amount of such fees and taxes. The foreign language used in such advertisements would be considered to be principally used at that office based on the frequency and prominence of the advertising. A provider could also send multiple text messages sequentially to provide the full disclosure. The disclosure must provide the name, telephone number(s), and Web site of the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the name, toll-free telephone number(s), and Web site of the Consumer Financial Protection Bureau; and. D. Printed material in a foreign language on any exterior or interior sign at an office. 2. For example, a provider may disclose January 10 (may be available sooner).. We encourage you to read the NCUA's exit . Whether a consumer has requested a remittance transfer depends on the facts and circumstances. Last month, the Bureau also announced regulatory flexibility as a result of the impact the pandemic is having on consumers finances, both here and around the world. 7. 1026.32 Requirements for high-cost mortgages. We will update you on newsroom updates. For example the terms used to describe fees disclosed under 1005.31(b)(1)(ii) and (vi) may not both be described solely as Fees.. 1005.4 General disclosure requirements; jointly offered services. The proof of payment must be clear and conspicuous, provided in writing or electronically, and provided in a retainable form. The provider may round to two, three, or four decimal places, at its option. 1026.40 Requirements for home equity plans. An advertisement, solicitation, or marketing that is considered to be made at an office does not include general advertisements, solicitations, or marketing that are not intended to be made at a particular office. 3. Except as provided in 1005.36(a), pre-payment and combined disclosures are required to be provided to the sender when the sender requests the remittance transfer, but prior to payment for the transfer. or have questions about the content, Section 1005.31(b)(2)(vi) requires a remittance transfer provider to disclose the name, toll-free telephone number(s), and Web site of the Consumer Financial Protection Bureau. Estimates of any non-covered third-party fees and any taxes collected on the remittance transfer by a person other than the provider must be disclosed in accordance with 1005.32(b)(3). 1005.30 Remittance transfer definitions. Download English and Spanish versions of remittance transfer disclosures. For example, if funds may be available on January 3, but are not certain to be available until January 10, then a provider complies with 1005.31(b)(2)(ii) if it discloses January 10 as the date funds will be available. 1. Reg. 1. Section 1005.31(b)(1)(vi) requires the disclosure of covered third-party fees in the currency in which the funds will be received by the designated recipient. For example, a provider that is making disclosures in Spanish under 1005.31(g) may, but is not required to, disclose the Bureau's Web site on Spanish-language disclosures as the page on the Bureau's Web site that provides information regarding remittance transfers in Spanish, currently consumerfinance.gov/envios. (v) The amount in paragraph (b)(1)(i) of this section, in the currency in which the funds will be received by the designated recipient, but only if covered third-party fees are imposed under paragraph (b)(1)(vi) of this section, using the term Transfer Amount or a substantially similar term. A sender that asks a provider to send a remittance transfer, and provides transaction-specific information to the provider in order to send funds to a designated recipient, has requested a remittance transfer. The combined disclosure must be provided to the sender when the sender requests the remittance transfer, but prior to payment for the transfer, pursuant to 1005.31(e)(1), and the proof of payment must be provided when payment is made for the remittance transfer. An estimate must be described using the term Estimated or a substantially similar term in close proximity to the term or terms described. For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, the statement about the rights of the sender regarding cancellation must instead reflect the requirements of 1005.36(c); (v) The name, telephone number(s), and Web site of the remittance transfer provider; (vi) A statement that the sender can contact the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the Consumer Financial Protection Bureau for questions or complaints about the remittance transfer provider, using language set forth in Model Form A-37 of Appendix A to this part or substantially similar language. On December 3, the CFPB issued a Notice of Proposed Rulemaking (NPRM) relating to the Remittance Transfer Rule (Rule), which implements the Electronic Fund Transfer Act's (EFTA) protections for consumers sending international money transfers, or remittance transfers. Moved Permanently. The information required by paragraph (b)(1) of this section may be disclosed orally if: 1. Mobile application and text message transactions. Disclosures required by paragraph (b) of this section or permitted by paragraph (b)(1)(viii) of this section that are provided in writing or electronically must be in equal prominence to each other. The Consumer Financial Protection Bureau ("CFPB") has amended the international remittance transfer rule (the "Remittance Rule") to increase the normal course of business safe harbor threshold from 100 remittance transfers to 500 remittance transfers annually, and to create two new tailored permanent exceptions that permit insured institutions t. See interpretation of 31(b)(1) Pre-Payment Disclosures in Supplement I. The remittance transfer provider may provide all senders with disclosures in English, Spanish, and Vietnamese, regardless of the language the sender uses with the remittance transfer provider to conduct the transaction or assert an error. Federal law defines remittance transfers to include most electronic money transfers sent by consumers in the United States through "remittance transfer providers" to recipients in other countries. Date funds will be available. Mobile application and text message transactions. A sender that has sent an email, fax, mailed letter, or similar written or electronic communication has not requested a remittance transfer if the provider believes that it is impractical for the provider to treat that communication as a request and if the provider treats the communication as an inquiry and subsequently responds to that inquiry by calling the consumer on a telephone and orally gathering or confirming the information needed to process a request for a remittance transfer. 3. Communicating in a foreign language (whether by telephone, electronically, or otherwise) about remittance transfer services in response to a consumer-initiated inquiry. 2. Subpart E - Special Rules for Certain Home Mortgage Transactions 1026.31- 1026.45 1026.31 General rules. No guarantee of disclosures provided before payment. Disclosures may be segregated from other information in a variety of ways. If a sender initiating a remittance transfer receives a combined disclosure provided under 1005.31(b)(3) and then completes the transaction, the remittance transfer provider must provide the sender with proof of payment. The final rule allows certain banks and credit unions to continue to provide estimates of the exchange rate and certain fees under certain conditions. Office. The Consumer Financial Protection Bureau has issued a final rule covering remittances transfers which raises the reporting threshold for those institutions making relatively few annual remittances. The sender's name and contact information; iii. Disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, generally need not comply with the proximity requirements of this paragraph, however information required or permitted by paragraph (b)(1)(viii) of this section must follow the information required by paragraph (b)(1)(vii) of this section. First, under 1005.31(b)(1)(i), a provider must disclose the transfer amount in the currency in which the remittance transfer is funded to show the calculation of the total amount of the transaction. However, a remittance transfer provider may also disclose that funds may be available sooner or use a substantially similar term to inform senders that funds may be available to the designated recipient on a date earlier than the date disclosed. Model Forms A-30(a)-(d) through A-35 in Appendix A illustrate how information may be grouped to comply with the rule, but a remittance transfer provider may group the information in another manner. On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money, a New York nonbank remittance transfer provider involving violations of the Remittance Transfer Rule ("Remittance Rule"), Subpart B of Regulation E, 12 C.F.R. Disclosures provided via mobile application or text message, to the extent permitted by paragraph (a)(5) of this section, generally need not comply with the grouping requirements of this paragraph, however information required or permitted by paragraph (b)(1)(viii) of this section must be grouped with information required by paragraph (b)(1)(vii) of this section. For example, a remittance transfer provider could give the sender the disclosures after the sender pays for the remittance transfer, but before the sender leaves the counter. For more information, visit www.consumerfinance.gov. 3. For example, if the State agency that licenses the provider with respect to an online remittance transfer is determined by a sender's location, a provider could rely on the sender's statement regarding the State in which the sender is located and disclose the State agency that licenses the provider in that State. Required disclosures under 1005.31(b)(1)(viii) may only be provided to the extent applicable. For example, a financial institution may send an international wire transfer for a sender using funds from the sender's account with the institution. (2) Oral, mobile application, or text message disclosures. Estimated disclosures may be provided to the extent permitted by 1005.32. Web site of the Consumer Financial Protection Bureau. The final rule applies to a remittance transfer that is: More than $15; Made by a consumer in the United States; and; Sent to a . Clear and conspicuous standard. CFPB Final Rule on Remittance Transfers under the Electronic Fund Transfer Act . Increases the Remittance Transfer Rule's normal course of business safe harbor threshold from 100 remittance transfers to 500 remittance transfers annually; and Creates two new tailored permanent exceptions that permit insured institutions to disclose estimates of certain fees and exchange rates if certain conditions are met . (1) Grouping. Retainable electronic disclosures. Regulations and official interpretations Browse the Remittance Rule (Subpart B of Regulation E, 12 CFR 1005) on: Interactive Bureau Regulations | eCFR (i) The remittance transfer provider determines that an error occurred as described by the sender; and (ii) The remittance transfer provider complies with the requirements of paragraph (g) (2) of this section. Authority: 12 U.S . As an alternative to providing the disclosures described in paragraph (b)(1) and (2) of this section, a remittance transfer provider may provide the disclosures described in paragraph (b)(2) of this section, as applicable, in a single disclosure pursuant to the timing requirements in paragraph (e)(1) of this section. (1) Except as provided in 1005.36(a), a pre-payment disclosure required by paragraph (b)(1) of this section or a combined disclosure required by paragraph (b)(3) of this section must be provided to the sender when the sender requests the remittance transfer, but prior to payment for the transfer. Remittance Transfers under the Electronic Fund Transfer Act (Regulation E) AGENCY: Bureau of Consumer Financial Protection. A remittance transfer provider may treat a written or electronic communication as an inquiry when it believes that treating the communication as a request would be impractical. Any commercial message in a foreign language, appearing in any medium, that promotes directly or indirectly the availability of remittance transfer services constitutes advertising, soliciting, or marketing in such foreign language for purposes of 1005.31(g)(1). See also comment 30(h)-1. For example, if a sender requests that a remittance transfer be deposited into an account in U.S. dollars, the provider may provide the disclosures required in 1005.31(b)(1)(v), (vi), and (vii) in U.S. dollars, even if the account is actually denominated in Mexican pesos and the funds are subsequently converted prior to deposit into the account. 6194) (February 7, 2012), effective on February 7, 2013.4In July 2012, the CFPB amended the February 2012 rule to effect certain technical corrections prim. Similarly, the language primarily used by the sender with the remittance transfer provider to assert the error is the primary language used by the sender with the remittance transfer provider to provide the information required by 1005.33(b) to assert an error. (1) Pre-payment disclosure. Because many consumers rely on remittance transfer providers to send money from the United States to their families and friends abroad, the Bureau took action to minimize the impact of the pandemic on the remittances market by enabling insured institutions to continue to focus on the immediate needs of their customers. 2. 1005.30 to 1005.36, requires transfer providers to provide prepayment disclosures to consumers. 1005.34 Procedures for cancellation and refund of remittance transfers. For example, a sender may begin a remittance transfer at a remittance transfer provider's dedicated telephone in a retail store, and then provide payment in person to a store clerk to complete the transaction. A remittance transfer provider may provide the required pre-payment disclosures orally or via mobile application or text message if the transaction is conducted entirely by telephone via mobile application or text message, the remittance transfer provider complies with the requirements of 1005.31(g)(2), and the provider discloses orally or via mobile application or text message a statement about the rights of the sender regarding cancellation required by 1005.31(b)(2)(iv) pursuant to the timing requirements in 1005.31(e)(1). (vii) The amount that will be received by the designated recipient, in the currency in which the funds will be received, using the term Total to Recipient or a substantially similar term except that this amount shall not include non-covered third party fees or taxes collected on the remittance transfer by a person other than the provider regardless of whether such fees or taxes are disclosed pursuant to paragraph (b)(1)(viii) of this section. See interpretation of 31(c)(4) Segregation in Supplement I. See interpretation of 31(a)(1) Clear and Conspicuous in Supplement I. xi. 1 CFPB subsequently amended the regulations implementing the remittance transfer rules. 4. Agencies required to be disclosed. For example, if no transfer taxes are imposed on a remittance transfer, a provider would only disclose applicable transfer fees. In such circumstances, a provider may conduct the transaction orally and entirely by telephone pursuant to 1005.31(a)(3) when the provider treats that initial communication as an inquiry and subsequently responds to the consumer's inquiry by calling the consumer on a telephone and orally gathering or confirming the information needed to identify and understand a request for a remittance transfer and otherwise conducts the transaction orally and entirely by telephone. 2. Written and electronic disclosures required by this subpart generally must be made in a retainable form. See interpretation of 31(b)(1)(vi) Disclosure of Covered Third-Party Fees in Supplement I. Section 1005.31(a)(5) applies only to transactions conducted entirely by mobile telephone via mobile application or text message. For example, an intermediary institution involved in sending an international wire transfer funded in U.S. dollars may impose a fee in U.S. dollars, but funds are ultimately deposited in the recipient's account in Euros. On August 7, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") published certain updates ("August Updates") to the remittance transfer rules that it finalized and published. Browse Ask CFPB; Rules & Policy Back Rules & Policy Overview . The exchange rate used to calculate any disclosed non-covered third-party fees or taxes collected on the remittance transfer by a person other than the provider is the exchange rate in paragraph (b)(1)(iv) of this section, including an estimated exchange rate to the extent permitted by 1005.32, prior to any rounding of the exchange rate; 1. Applicable exchange rate. Oral telephone transactions. The Bureau will publish a list of any other foreign language Web sites that provide information regarding remittance transfers. See interpretation of 31(g)(1) General in Supplement I, (i) Each of the foreign languages principally used by the remittance transfer provider to advertise, solicit, or market remittance transfer services, either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error; or. For transfers scheduled three business days before the date of the transfer, the cancellation disclosures provided pursuant to 1005.31(b)(2)(iv) should be phrased and formatted in such a way that it is clear to the sender which cancellation period is applicable to the date of transfer disclosed on the receipt. On February 7, 2012, CFPB published a final rule implementing the law. 5. The provider must not include that fee or tax in the amount disclosed pursuant to 1005.31(b)(1)(vi) or (b)(1)(vii). See interpretation of 31(a) General Form of Disclosures in Supplement I. Section 1005.31(g)(1) does not limit the number of languages that may be used on a single document, but such disclosures must be clear and conspicuous pursuant to 1005.31(a)(1). The information required by 1005.33(c)(1) may be disclosed orally if: (i) The remittance transfer provider determines that an error occurred as described by the sender; and. Disclosures required by paragraph (b)(1) of this section may be provided electronically, if the sender electronically requests the remittance transfer provider to send the remittance transfer. (5) Disclosures for mobile application or text message transactions. For purposes of 1005.31(c)(4), the following is directly related information: ii. B. If the remittance transfer provider thereafter communicates with the sender in Vietnamese and the sender uses Vietnamese to convey the information required by 1005.33(b) to assert an error, then Vietnamese is the language primarily used by the sender with the remittance transfer provider to assert the error. A provider need not provide the exchange rate disclosure required by 1005.31(b)(1)(iv) if a recipient receives funds in the currency in which the remittance transfer is funded, or if funds are delivered into an account denominated in the currency in which the remittance transfer is funded. Request to send a remittance transfer. (2) Written and electronic disclosures. 2. For example, a provider may feed a combined disclosure through a computer printer when payment is made to add the date and time of the transaction, a confirmation code, and an indication that the transfer was paid in full. Section 1005.33 (g) (1) of the Remittance Transfer Rule requires remittance-transfer providers to develop and maintain written policies and procedures that are designed to ensure compliance with the error-resolution requirements under the rule. See interpretation of 31(a)(5) Disclosures for Mobile Application or Text Message Transactions in Supplement I. The prominence of the advertising, soliciting, or marketing of remittance transfer services in that foreign language at that office; and. For example, a provider must disclose any service fee, any fees imposed by an agent of the provider at the time of the transfer, and any State taxes collected on the remittance transfer at the time of the transfer. Consumer Financial Protection Bureau; Part 1005. Under 1005.31(g)(1), a remittance transfer provider may, but need not, provide the sender with a written or electronic disclosure that is in English and, if applicable, in each foreign language that the remittance transfer provider principally uses to advertise, solicit, or market either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error, respectively.
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