CFPB: Remittance Transfers Under the Electronic Fund Transfer Act

On September 20, 2024, the CFPB, released a proposed rule to amend certain remittance transfer disclosure requirements in the remittance rule in Regulation E (Remittance Rule or Rule), which implements the Electronic Fund Transfer Act (EFTA), and certain accompanying model forms, to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the state agency that licenses or charters their remittance transfer provider.

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