The CFPB announced in its Spring 2025 Regulatory Agenda that it will be finalizing amendments to the Remittance Transfer Rule under Regulation E, which implements the Electronic Funds Transfer Act (EFTA), to revise disclosure requirements and corresponding model forms to include clarifying information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses the remittance transfer provider. This follows the CFPB's issuance of an notice of proposed rulemaking on September 30, 2024 with the comment period ending on November 4, 2024.
If adopted as proposed, Section 1005.31(b)(2)(vi) would be revised to state:
A statement that the sender can contact the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the Consumer Financial Protection Bureau if the sender has unresolved problems with respect to the remittance transfer or complaints about the remittance transfer provider, using language set forth in model form A–37 of appendix A to thisa part or substantially similar language. The disclosure must provide the name, telephone number(s), and website of the State agency that licenses or charters the remittance transfer provider with respect to the remittance transfer and the name, toll-free telephone number(s), and website of the Consumer Financial Protection Bureau
The bolded provision would replace the former text, stating "for questions or complaints about the remittent transfer provider." The language encourages consumers to first attempt to resolve their issues with the remittance transfer providers before contacting the CFPB or State agencies.
Likewise, several appendices would be revised to state:
If you have unresolved problems with your money transfer or complaints about [insert name of remittance transfer provider], contact:
State Regulatory Agency
800–111–2222
Consumer Financial Protection Bureau,
855–411–2372
855–729–2372 (TTY/TDD)
The CFPB's regulatory agenda targets December 2025 as the timeframe for issuance of the final rule. We expect that remittance transfer providers will have 60 days after the publication of the final rule in the Federal Register to implement the required changes to their disclosures.
We will address other aspects of the Regulatory Agenda in separate blog posts. To register for our webinar on the Regulatory Agenda, click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
