Bureau of Consumer Financial Protection: Electronic Fund Transfers (Regulation E)
GAO-13-171R, Nov 14, 2012
GAO reviewed the Bureau of Consumer Financial Protection's (Bureau) new rule on electronic funds transfer. GAO found that (1) the final rule amends Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. The final rule modifies a final rule published in February 2012 implementing section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The final rule adopts a safe harbor with respect to the phrase ''normal course of business'' in the definition of ''remittance transfer provider,'' which determines whether a person is covered by the rule. The final rule also revises several aspects of the February 2012 final rule regarding remittance transfers that are scheduled before the date of transfer, including preauthorized remittance transfers. The final rule states that it will become effective February 7, 2013; and (2) the Bureau complied with applicable requirements in promulgating the rule.