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Consumer Banking and Payments Law: Section 1005.35 Acts of Agents

1. General. Remittance transfer providers must comply with the requirements of subpart B, including, but not limited to, providing the disclosures set forth in § 1005.31 and providing any remedies as set forth in § 1005.33, even if an agent or other person performs functions for the remittance transfer provider, and regardless of whether the provider has an agreement with a third party that transfers or otherwise makes funds available to a designated recipient.

Consumer Banking and Payments Law: 36(a)(2) Subsequent Preauthorized Remittance Transfers

1. Changes in Disclosures. When a sender schedules a series of preauthorized remittance transfers, the provider is generally not required to provide a pre-payment disclosure prior to the date of each subsequent transfer. However, § 1005.36(a)(1)(i) requires the provider to provide a pre-payment disclosure and receipt for the first in the series of preauthorized remittance transfers in accordance with the timing requirements set forth in § 1005.31(e).

Consumer Banking and Payments Law: 36(b) Accuracy

1. Use of estimates. In providing the disclosures described in § 1005.36(a)(1)(i) or (a)(2)(i), remittance transfer providers may use estimates to the extent permitted by any of the exceptions in § 1005.32. When estimates are permitted, however, they must be disclosed in accordance with § 1005.31(d).

Consumer Banking and Payments Law: 36(c) Cancellation

1. Scheduled remittance transfer. Section 1005.36(c) applies when a remittance transfer is scheduled by the sender at least three business days before the date of the transfer, whether the sender schedules a preauthorized remittance transfer or a one-time transfer. A remittance transfer is scheduled if it will require no further action by the sender to send the transfer after the sender requests the transfer.

Consumer Banking and Payments Law: 36(d) Date of Transfer for Subsequent Preauthorized Remittance Transfers

1. General. Section 1005.36(d)(2)(i) permits remittance transfer providers some flexibility in determining how and when the disclosures required by § 1005.36(d)(1) may be provided to senders. The disclosure described in § 1005.36(d)(1) may be provided as a separate disclosure, or on or with any other disclosure required by this subpart B related to the same series of preauthorized remittance transfers, provided that the disclosure and timing requirements in § 1005.36(d)(2) and other applicable provisions in subpart B are satisfied.

Consumer Banking and Payments Law: Appendix A Model Disclosure Clauses and Forms

1. Review of forms. The Bureau will not review or approve disclosure forms or statements for financial institutions. However, the Bureau has issued model clauses for institutions to use in designing their disclosures. If an institution uses these clauses accurately to reflect its service, the institution is protected from liability for failure to make disclosures in proper form.

Consumer Banking and Payments Law: Amendment History

[77 Fed. Reg. 6297 (Feb. 7, 2012); 77 Fed. Reg. 50,285 (Aug. 20, 2012); 78 Fed. Reg. 6025 (Jan. 29, 2013); 78 Fed. Reg. 18,224 (Mar. 26, 2013); 78 Fed. Reg. 30,662, 30,714 (May 22, 2013); 78 Fed. Reg. 49,366 (Aug. 14, 2013); 78 Fed. Reg. 69,753 (Nov. 21, 2013); 79 Fed. Reg. 55,993 (Sept. 18, 2014); 81 Fed. Reg. 70,320 (Oct. 12, 2016); 81 Fed. Reg. 84,345 (Nov. 22, 2016); 82 Fed. Reg. 18,975, 18,980 (Apr. 25, 2017); 83 Fed. Reg. 6364, 6420 (Feb. 13, 2018); 85 Fed. Reg. 34,905 (June 5, 2020)]

Consumer Banking and Payments Law: E.4.1 Introduction

In addition to the Official Interpretations codified along with Regulation E, the CFPB has adopted various procedures that may result in approvals, interpretations, advisory opinions, no-action letters, or other guidances regarding the EFTA and Regulation E. Good-faith reliance on some, but not all, of these materials may trigger a safe harbor from liability under 15 U.S.C. § 1693m(d)(1).

Consumer Banking and Payments Law: Introduction

The Consumer Financial Protection Bureau’s prepaid accounts rule amends both Regulation E on the Electronic Fund Transfer Act and Regulation Z on the Truth in Lending Act. The rule and the regulatory amendments became effective April 1, 2019.

Consumer Banking and Payments Law: 12 C.F.R. § 1026.2 Definitions and rules of construction.

(a) Definitions. For purposes of this part, the following definitions apply:

(1) Act means the Truth in Lending Act (15 U.S.C. 1601 et seq.).

(2) Advertisement means a commercial message in any medium that promotes, directly or indirectly, a credit transaction.

(3)(i) Application means the submission of a consumer's financial information for the purposes of obtaining an extension of credit.

Consumer Banking and Payments Law: 12 C.F.R. § 1026.4 Finance charge.

(a) Definition. The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction.

Consumer Banking and Payments Law: 12 C.F.R. § 1026.6 Account-opening disclosures.

(a) Rules affecting home-equity plans. The requirements of this paragraph (a) apply only to home-equity plans subject to the requirements of § 1026.40. A creditor shall disclose the items in this section, to the extent applicable:

(1) Finance charge. The circumstances under which a finance charge will be imposed and an explanation of how it will be determined, as follows:

Consumer Banking and Payments Law: 12 C.F.R. § 1026.12 Special credit card provisions.

(a) Issuance of credit cards. Regardless of the purpose for which a credit card is to be used, including business, commercial, or agricultural use, no credit card shall be issued to any person except:

(1) In response to an oral or written request or application for the card; or

(2) As a renewal of, or substitute for, an accepted credit card.

(b) Liability of cardholder for unauthorized use—

Consumer Banking and Payments Law: 12 C.F.R. § 1026.13 Billing error resolution.

(a) Definition of billing error. For purposes of this section, the term billing error means:

(1) A reflection on or with a periodic statement of an extension of credit that is not made to the consumer or to a person who has actual, implied, or apparent authority to use the consumer's credit card or open-end credit plan.