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Abstract: 

Under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is tasked with implementing changes to the U.S. market for international remittance transfers. The final rule is now promised for spring 2013. This article provides an overview of Dodd-Frank Section 1073 and the rulemaking process thereunder, and highlights comments from consumer advocates and remittance providers. It explains how the remittance rule fits in the context of a global movement for regulation of remittance services, and addresses the rule’s compatibility with existing banking practices. It remains to be seen whether the rule in its current form is likely to achieve the goals of increasing consumer protections and lowering remittance costs.

Keywords: Dodd-Frank Act Sec. 1073, Regulation E, remittance, wire transfer, electronic funds transfer, EFTA, CFPB

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