As required by the Dodd-Frank Act, the Federal Reserve Board (“FRB”) published a proposed rule setting forth an entirely new regulatory scheme for companies, including banks, that provide remittance transfers, i.e., electronic transfers of money from U.S. consumers to recipients in foreign countries. The FRB’s proposal would: (1) require that specific disclosures be given to each “sender” of a remittance transfer showing how much money will be received by the recipient of the transfer in local currency; (2) enable senders to dispute errors for up to 180 days following a remittance transfer; and (3) impose vicarious liability on remittance transfer providers for the acts or omissions of their agents. The comment period closed on July 22. The CFPB is now responsible for the rulemaking and is expected to issue a final rule in coming weeks.