The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Advanced Search Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Home > News & Events > Press Releases Press Release May 12, 2011 Federal Reserve proposes rule under Regulation E to create new consumer protections for remittance transfers For immediate release Share The Federal Reserve Board on Thursday requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. The proposed rule would require that remittance transfer providers make certain disclosures to senders of remittance transfers, including information about fees and the exchange rate, as applicable, and the amount of currency to be received by the recipient. In addition, the proposed rule would provide error resolution and cancellation rights for senders of remittance transfers. The proposal is being made under Regulation E (Electronic Fund Transfers) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Federal Register notice is attached. Comments on the proposal must be submitted within 60 days after publication in the Federal Register, which is expected shortly. Federal Register notice: HTML | 1 MB PDF Summary of Findings: Design and Testing of Remittance Disclosures (1 MB PDF) Model forms Economic Research Data Consumers & Communities 1. A-30 (8 KB PDF PDF) Model form for pre-payment disclosures for remittance transfers exchanged into local currency (§ 205.31(b)(1)) 2. A-31 (10 KB PDF) Model form for receipts for remittance transfers exchanged into local currency (§ 205.31(b)(2)) 3. A-32 (9 KB PDF) Model form for combined disclosures for remittance transfers exchanged into local currency (§ 205.31(b)(3)) 4. A-33 (19 KB PDF) Model form for pre-payment disclosures for dollar-to-dollar remittance transfers (§ 205.31(b)(1)) 5. A-34 (9 KB PDF) Model form for receipts for dollar-to-dollar remittance transfers (§ 205.31(b)(2)) 6. A-35 (9 KB PDF) Model form for combined disclosures for dollarto-dollar remittance transfers (§ 205.31(b)(3)) 7. A-36 (16 KB PDF) Model form for error resolution and cancellation disclosures (long) (§ 205.31(b)(4)) 8. A-37 (8 KB PDF) Model form for error resolution and cancellation disclosures (short) (§ 205.31(b)(2)(vi)) 9. A-38 (8 KB PDF) Model form for pre-payment disclosures-Spanish (§ 205.31(b)(1)) 10. A-39 (9 KB PDF) Model form for receipts--Spanish (§ 205.31(b) (2)) 11. A-40 (9 KB PDF) Model form for combined disclosures--Spanish (§ 205.31(b)(3)) 12. A-41 (17 KB PDF) Model form for error resolution and cancellation disclosures (long)--Spanish (§ 205.31(b)(4)) Comments: Submit | View Last Update: May 12, 2011 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Financial Stability TOOLS AND INFORMATION Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility STAY CONNECTED BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551