Final Rules for Dodd-Frank Act Section 1073

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Question:

I see that Dodd-Frank Act Section 1073 has an effective date of January 2012. Have we seen any final rules to comply with yet?

Answer:

Yes.

The Consumer Financial Protection Bureau, which "inherited" Regulation E from the Federal Reserve Board on July21, 2011, published a final rule at 77 FR 6194, on February7, 2012, with an effective date of February7, 2013. The same day, the Bureau published a proposal at 77 FR 6310 that would modify the final rule to establish a slightly more relaxed coverage threshold and change some of the requirements for advance-scheduled remittance transfers. Comments closed on the proposal on April9, 2012, and the Bureau could issue a final amending rule at any time.

The current version of the Foreign Remittance Transfer rule can be found as subpart B of Regulation E (12 CFR Part 1005), in BankersOnline's Alphabet Soup.

First published on BankersOnline.com 6/18/12; revised 6/18/12 to correct outdated information.