11-EA-19: FRB: Remittances (Regulation E)

This proposal implements several provisions required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The proposal requires remittance transfer providers (providers) to provide pre-payment disclosures to senders containing specific information about the transfer, including the exchange rate, the applicable fees and taxes and the amount to be received by the designated recipient. These disclosures may be made orally if the transaction is conducted entirely by telephone. Additionally, the proposal requires a written receipt with the above information as well as additional information including the date of availability, the recipient's contact information and information regarding the sender's error resolution rights. Alternatively, the provider may make all of the written disclosures in a single pre-payment disclosure.