The FRB issued a proposed rule that would amend Regulation E and its Official Staff Commentary. The proposal contains new protections for consumers who send remittance transfers to consumers or entities in a foreign country by providing consumers with disclosures and error resolution rights. The proposal implements statutory requirements set forth in Dodd-Frank. Comments on the proposal must be received by July 22, 2011. Click here for the proposal.
Alert May 31, 2011