The CFPB has approved amendments to its remittance transfer rule, which is part of Regulation E, to make optional a requirement that remittance transfer providers disclose foreign taxes or fees imposed by a recipient institution for receiving transfers into an account at the recipient institution. The amendments will take effect when the remittance transfer rule becomes effective on October 28, 2013.

Nutter Notes: The amendments also require a remittance transfer provider to attempt to recover transferred funds when the funds are deposited into the wrong account because the sender provided an incorrect account number or routing number. The amendments state that a remittance transfer provider will not bear the cost of any funds that cannot be recovered.