Fed publishes proposed money transfer rule change

The Federal Reserve Board issued a request for public comment on a proposed rule to create new consumer protections on cross-border money transfers. The proposed rule would require that money transfer providers make certain disclosures to money transfer senders, including information about fees, the amount of currency to be received by the recipient and the currency exchange rate between the countries of senders and recipients, the fed said.

The proposal is being made under Regulation E, a cardholder protection measure that is part of the Electronic Funds Transfer Act of 1978, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Public comments to the proposal can be submitted to the fed up to 60 days after the proposal was published in the Federal Register, which occurred on May 23, 2011. To access the published proposal, go to www.gpo.gov/fdsys/pkg/FR-2011-05-23/html/2011-12019.htm .

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