proposed amendment

CFPB Proposed Amendment to Rule on Remittance Transfers

On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers.  The proposed amendment:  (i) provides flexibility regarding the disclosure of foreign taxes, as well as fees imposed by a designated recipient’s institution for receiving a remittance transfer in an account; (ii) limits a remittance transfer provider’s obligation to disclose foreign taxes to those imposed by a country’s central government; and (ii) revises the error resolution provisions that apply when a remittance transfer is not delivered to a designated recipient because the sender provided incorrect or insufficient information.  Comments must be received within 30 days of publication of the proposed amendment in the Federal Register.  CFPB Release.  CFPB Proposed Amendment. 

MSRB Proposed Amendment to NRO Designation Rule

On June 28, the MSRB sought approval from the SEC for a proposed amendment to Rule G-34 limiting the use by municipal securities dealers of the designation “not reoffered” or “NRO” without also including price or yield information in written communications about new issues of securities. The MSRB has requested that the proposed amendment be made effective 28 days after the date of SEC approval. MSRB Release. MSRB Proposed Amendment.