On September 20, the CFPB released its proposed rule to amend the remittance transfer disclosure requirements under the EFTA. The proposed amendments will adjust certain disclosures to clarify that consumers sending remittance transfers should contact the remittance provider regarding issues specific to their money transfer. The CFPB seeks public comments on this proposal and must be received by November 4.
The proposed amendments will include changes to certain model forms to update the disclosure language to direct consumers to contact the state licensing agency and the CFPB for unresolved problems or complaints only, rather than for general inquiries, and to make the remittance transfer provider’s contact information more prominent on the form. The proposal will include adding the provider’s phone number and website to the header and footer of the forms to prevent confusion between the provider’s contact information and that of the state agency or the CFPB. In its release, the CFPB stated the changes “can potentially save consumers time by resolving their inquiries more quickly.”
The proposal will include a solicitation for comments on whether additional time would be needed for remittance transfer providers to implement the required changes. If adopted, the rule would take effect 60 days after publication in the Federal Register. Finally, remittance transfer providers would not need to update disclosures made before the effective date.
