Financial Institutions and Markets

By: Edmund D. Harllee
Williams Mullen (North Carolina and Virginia, USA)

On February 7, 2012, the Bureau of Consumer Financial Protection (the “Bureau”) issued a final rule adding a new Subpart B to its Regulation E (12 CFR Part 1005) governing international “remittance transfers,”

as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Act”).  At the same time, the Bureau issued a proposed rule, with a request for comment, on whether certain remittance transfers should be subject to the regulation, as well as other technical provisions of the final rule. Click here to read entire article.