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ARTICLE · 14 NOVEMBER 2012

International Funds Transfer Rules Are Coming Soon

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Among the consumer law changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act ("DFA") were new protections for consumers who send funds to consumers or businesses located in other countries.

United StatesConsumer Protection
John Lawrence
John Lawrence
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Among the consumer law changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act ("DFA") were new protections for consumers who send funds to consumers or businesses located in other countries. They include disclosures (potentially in multiple languages) and error resolution and cancellation rights. These requirements have been implemented by the Bureau of Consumer Financial Protection ("CFPB") in amendments to Regulation E.

The new regulation will take effect in just three months, on February 7, 2013. For those banks and businesses offering such services, it is not too early to plan for compliance with the new rule.

Overview of the New Requirements

In general, the new rule applies to transfers of more than $15 by electronic means made by intermediaries on behalf of consumers to consumer or business recipients in foreign countries. In Regulation E, the consumers who make the transfers are called "senders," the transfers covered by the rule

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