The following outlines a general understanding of Dodd-Frank Act, section 1073, Regulation E and is not an official or legal interpretation of the regulations.
Dodd-Frank imposes certain requirements upon remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. If conducting this type of business, financial institutions are considered "remittance transfer providers" unless they meet the safe harbor of 100 or fewer remittances transfers in the previous calendar year and provides 100 or fewer such transfers in the current calendar year. "Remittance transfer providers" must provide consumers with pre-payment and receipt disclosures of the following:
- Estimated disclosures for:
- Foreign exchange rates*
- Foreign fees
- Foreign taxes
- Exact disclosures for date of funds availability
- Error resolution support by facilitating trace requests for transaction investigation
- 30-minute consumer opt-out period
*Foreign exchange rates are permitted to be estimated until July 2015, at which time, they will be required to be exact.