This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

79456 

Vol. 89, No. 189 

Monday, September 30, 2024 

1 12 U.S.C. 5511(c)(2). 

2 12 U.S.C. 5481(4) (‘‘The term ‘consumer’ means 

an individual or an agent, trustee, or representative 

acting on behalf of an individual.’’). 

3For the purpose of its handling of consumer 

complaints (and solely for that purpose), the CFPB 

defines consumer complaints as submissions that 

express dissatisfaction with, or communicate 

suspicion of wrongful conduct by, an identifiable 

entity related to a consumer’s personal experience 

with a financial product or service. 

4 12 U.S.C. 5534(a). 

5See CFPB, 2022 Consumer Response Annual 

Report (Mar. 31, 2023), https://files.consumer

finance.gov/f/documents/cfpb_2022-consumerresponse-annual-report_2023-03.pdf. 

6Public Law 111–203, 124 stat. 1376 (2010). 

7See Proposed Rule, 76 FR 29902, 29906 (May 

23, 2011). 

8 15 U.S.C. 1693o–1(a)(2)(B)(ii)(II)(bb). 

9See 76 FR 29902 at 29906. 

10See Final Remittance Rule, 77 FR 6194, 6228– 

29 (Feb. 7, 2012). 

11 12 CFR 1005.31(b)(2). Additional disclosure 

requirements for subsequent transfers in a series of 

preauthorized remittance transfers are codified in 

section 1005.36(d)(1). See 12 CFR 1005.31(d)(1). 

CONSUMER FINANCIAL PROTECTION 

BUREAU 

12 CFR Part 1005 

[Docket No. CFPB–2024–0045] 

Remittance Transfers Under the 

Electronic Fund Transfer Act 

(Regulation E) 

AGENCY: Consumer Financial Protection 

Bureau. 

ACTION: Proposed rule; request for 

public comment. 

SUMMARY: The Consumer Financial 

Protection Bureau (CFPB) proposes a 

narrowly tailored amendment to certain 

remittance transfer disclosure 

requirements in the remittance rule in 

Regulation E (Remittance Rule or Rule), 

which implements the Electronic Fund 

Transfer Act, and certain accompanying 

model forms, to ensure that consumers 

sending a remittance transfer have 

information about the types of inquiries 

that may be most efficient to direct to 

the CFPB and the State agency that 

licenses or charters their remittance 

transfer provider. 

DATES: Comments must be received on 

or before November 4, 2024. 

ADDRESSES: You may submit comments, 

identified by Docket No. [CFPB–2024– 

0045], by any of the following methods: 

• Federal eRulemaking Portal:

https://www.regulations.gov. Follow the 

instructions for submitting comments. A 

brief summary of this document will be 

available at https://

www.regulations.gov/docket/CFPB2024-0045. 

• Email: 2024-NPRM-Remittances@

cfpb.gov. Include Docket No. CFPB– 

2024–0045 in the subject line of the 

message. 

• Mail/Hand Delivery/Courier:

Comment Intake—2024 NPRM 

REMITTANCES, c/o Legal Division 

Docket Manager, Consumer Financial 

Protection Bureau, 1700 G Street NW, 

Washington, DC 20552. Because paper 

mail in the Washington, DC, area and at 

the CFPB is subject to delay, 

commenters are encouraged to submit 

comments electronically. 

Instructions: The CFPB encourages 

the early submission of comments. All 

submissions must include the document 

title and docket number. In general, all 

comments received will be posted 

without change to https://

www.regulations.gov. All submissions, 

including attachments and other 

supporting materials, will become part 

of the public record and subject to 

public disclosure. Proprietary 

information or sensitive personal 

information, such as account numbers 

or Social Security numbers, or names of 

other individuals, should not be 

included. Submissions will not be 

edited to remove any identifying or 

contact information. 

FOR FURTHER INFORMATION CONTACT: 

George Karithanom, Regulatory 

Implementation & Guidance Program 

Analyst, Office of Regulations, at 202– 

435–7700 or at: https://reginquiries.

consumerfinance.gov/. If you require 

this document in an alternative 

electronic format, please contact CFPB_

Accessibility@cfpb.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background

One of the primary functions of the

CFPB is collecting, investigating, and 

responding to consumer complaints.1

The Office of Consumer Response, 

created by the CFPB under the DoddFrank Act, maintains procedures to 

provide a timely response to 

consumers,2 in writing, to complaints 

against 3 or inquiries concerning a 

covered person.4 In 2022, the CFPB 

received approximately 1,287,300 

consumer complaints.5

The Electronic Fund Transfer Act 

(EFTA) provides a basic framework for 

rights, protections, liabilities and 

responsibilities of consumers and 

providers in electronic fund transfer 

systems and remittance transfers. 

Section 1073 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Dodd-Frank Act) 6 established a 

comprehensive system of consumer 

protections for remittance transfers sent 

by consumers in the United States to 

individuals and businesses in foreign 

countries by adding section 919 to the 

EFTA which provided for their 

regulation under the Act. The DoddFrank Act required rules implementing 

section 919 of the EFTA to be issued 

within 18 months of Dodd-Frank’s 

enactment.7 Among other provisions, 

section 919 of the EFTA requires 

remittance transfer providers to make 

disclosures to senders of remittance 

transfers, pursuant to rules prescribed 

by the CFPB. Specifically, section 919 

requires remittance transfer providers to 

provide the sender with a receipt at the 

time of payment showing, among other 

things, the appropriate contact 

information for ‘‘the State agency that 

regulates the remittance transfer 

provider and the [CFPB].’’ 8 The Board 

of Governors of the Federal Reserve 

System (Federal Reserve Board) tested 

and proposed disclosures implementing 

this requirement prior to transferring 

rulemaking authority to the CFPB on 

July 21, 2011.9 On February 7, 2012, the 

CFPB issued a final rule with this 

disclosure essentially as proposed by 

the Federal Reserve Board.10 The 

disclosure requirements for receipts 

issued by remittance transfer providers 

to senders are codified in subpart B to 

Regulation E, at section 1005.31(b)(2).11

These disclosures also appear on the 

model forms that accompany this 

requirement. 

As relevant here, the Remittance Rule 

requires remittance transfer providers to 

provide on applicable disclosures, 

including the receipt and combined 

disclosure, a ‘‘statement about the rights 

of the sender regarding the resolution of 

errors and cancellation,’’ the contact 

information of the remittance transfer 


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Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79457 

12 12 CFR 1005.31(b)(2)(iv), (v). 

13 12 CFR 1005.31(b)(2)(vi). 

14 76 FR 29902, 29914 (May 11, 2011). 15 12 CFR 1005.31(b)(2)(vi). 

16See 5 CFR 1320.3(h)(3). 

17More specifically, the CFPB conducted user 

testing on English-language model disclosures. The 

CFPB conducted user testing with nine consumers. 

As described below, testing involved only openended questions and direct observation of how 

consumers interacted with, understood, and found 

information on the model disclosure. 

provider,12 and a ‘‘statement that the 

sender can contact the State agency that 

licenses or charters the remittance 

transfer provider with respect to the 

remittance transfer and the Consumer 

Financial Protection Bureau for 

questions or complaints about the 

remittance transfer provider.’’ 13

In its notice of proposed rulemaking 

with respect to implementing EFTA 

section 919, the Federal Reserve Board 

noted that with respect to this 

statement, many consumer testing 

participants stated that they would call 

the applicable State regulator, the CFPB, 

or both to resolve any problems that the 

remittance transfer provider did not 

resolve.14 But the CFPB’s experience 

since the Remittance Rule became 

effective suggests that this likely causes 

consumers to contact the CFPB with 

questions that are more appropriately 

directed to the remittance transfer 

provider in the first instance, and 

indeed, such questions can often only 

be answered by the remittance transfer 

provider because they are customer 

inquiries related to a particular transfer 

for which the CFPB lacks knowledge. 

Historically, following the 

implementation of the Remittance Rule, 

as many as 35 percent of the total 

telephone calls received by the CFPB’s 

toll-free number have been these type of 

questions about remittance transfers. 

Recent estimates show that in 2023, the 

CFPB received approximately 1,800 

calls per month with questions of this 

sort. 

The CFPB proposes amending the 

disclosure requirements and 

corresponding model forms A–31, A–32, 

A–34, A–35, A–37, A–39, and A–40 so 

that, rather than stating that the sender 

can contact the State licensing agency of 

the remittance transfer provider and the 

CFPB with questions or complaints 

about the remittance transfer provider, 

the revised disclosure statement would 

state that the sender can contact the 

State licensing agency and the CFPB if 

the sender has unresolved problems 

with the remittance transfer or 

complaints about the remittance transfer 

provider. This amendment will help 

ensure that senders are more clearly 

informed about whom it could be more 

efficient to contact first in each 

situation. 

Related to this proposed amendment, 

the CFPB also proposes amending 

model forms A–30(a)–(d), A–31, A–32, 

A–33, A–34, A–35, A–38, A–39, and A– 

40 to make remittance transfer provider 

contact information more prominent 

and easier to locate by consumers. The 

proposed amendments update the 

remittance transfer provider contact 

information in the header of the model 

forms by adding the remittance transfer 

provider phone number and website. 

The proposed amendments also update 

the model forms for receipts and 

combined disclosures—A–31, A–32, A– 

34, A–35, A–39, and A–40—adding a 

footer with the remittance transfer 

provider name, phone number, website, 

and address. By making the contact 

information easier to locate, the CFPB 

aims to prevent consumers from 

confusing the State licensing agency and 

the CFPB contact information with the 

remittance transfer provider’s contact 

information. In addition, the CFPB 

proposes other minor amendments to 

formatting or to promote consistency in 

model forms A–30(a)–(d), A–31, A–32, 

A–33, A–34, A–35, A–37, A–38, A–39, 

and A–40, as well as two corrections of 

spelling errors on Spanish language 

model forms A–39 and A–40, as 

discussed below. 

I. Summary of the Proposed Rule 

The CFPB is proposing to amend 

subpart B of Regulation E, at section 

1005.31(b)(2)(vi),15 to require that 

applicable disclosures, including the 

receipt and combined disclosure, inform 

senders of remittance transfers that they 

can contact the State licensing agency of 

the remittance transfer provider and the 

CFPB with unresolved problems with 

the transfer or complaints about the 

remittance transfer provider, instead of 

the current statement that informs 

senders that they can contact such 

agencies with questions or complaints. 

Additionally, the CFPB proposes 

conforming changes to this statement on 

model forms A–31, A–32, A–34, A–35, 

A–37, A–39, and A–40 provided in 

appendix A to Regulation E. The CFPB 

has tested model disclosures with this 

language. The CFPB seeks comment on 

whether the proposed changes will 

provide helpful information to senders 

and what, if any, impact these proposed 

changes may have on consumers, 

remittance transfer providers, and State 

licensing agencies. This proposed rule is 

limited to the narrow issue of amending 

the required language relating to senders 

contacting the State licensing agency 

and the CFPB, with a related minor 

change to certain model forms to make 

a remittance transfer provider’s contact 

information easier to locate, and a few 

minor changes to certain model forms 

for formatting and consistency. 

Comments relating to other topics 

relevant to remittance transfers, 

Regulation E, the EFTA, or any other 

topic are outside the scope of this 

proposed rulemaking. 

In addition to the model form changes 

that correspond to changes in 

Regulation E, the CFPB also proposes 

the minor change to A–30(a)–(d), A–31, 

A–32, A–33, A–34, A–35, A–37, A–38, 

A–39, and A–40 to make a remittance 

transfer provider’s contact information 

easier to locate. Specifically, the CFPB 

proposes updating the model form 

header to include phone number and 

website. Additionally, for the receipt 

and combined disclosure model forms— 

A–31, A–32, A–34, A–35, A–39, and A– 

40—the CFPB proposes adding a footer 

with the remittance transfer provider’s 

contact information, including name, 

phone number, website, and address, to 

make the contact information easier to 

locate for consumers in these 

disclosures. 

The CFPB also proposes the 

formatting amendments and other 

amendments that promote consistency 

across model forms A–30(a)–(d), A–31, 

A–32, A–33, A–34, A–35, A–37, A–38, 

A–39, and A–40. This includes updating 

the year in ‘‘Today’s Date’’ and ‘‘Date 

Available’’ to ‘‘2024’’ across model 

forms to A–30(a)–(d), A–31, A–32, A– 

33, A–34, A–35, A–38, A–39, and A–40. 

This also includes updating the 

formatting, which includes spacing and 

alignment, and font to make them 

consistent across model forms A–30(a)– 

(d), A–31, A–32, A–33, A–34, A–35, A– 

37, A–38, A–39, and A–40. 

Additionally, the CFPB proposes 

updates to model forms A–39 and A–40 

to correct the Spanish language words 

‘‘transaccion’’ and ‘‘Mexico’’ to include 

an appropriate accent and read 

‘‘transaccio ́n’’ and ‘‘Me ́xico,’’ 

respectively. 

II. Consumer Testing 

To help ensure that the proposed 

change to the statement required by 

§ 1005.31(b)(2)(vi) would aid in 

consumer understanding, the CFPB 

conducted user testing, which included 

open-ended questions and usability 

testing 16 of the proposed revised 

statement on English-language model 

disclosures, with consumers.17 During 

testing, consumers were presented with 

different iterations of these model 

disclosures, including the proposed 

updated statement language. The CFPB 


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18See 77 FR 6194 at 6204. 

19See id. 

20See 77 FR 6194 at 6218. 

21See id. Additional disclosure requirements for 

subsequent transfers in a series of preauthorized 

remittance transfers are codified in section 

1005.36(d)(1). See 12 CFR 1005.31(d)(1). 

22See 77 FR 6194 at 6228–29. 

23See 77 FR 6194 at 6228, 6229–30. 

directly observed how consumers would 

use these updated model disclosures 

while consumers explained the thought 

process behind their decisions. The 

CFPB used open-ended questions to 

understand consumers’ prior history 

with remittance transfers, actions taken 

when issues arose with a remittance 

transfer, and how the updated model 

disclosure would change their course of 

action. The CFPB’s approach to user 

testing supported opportunities for 

additional probing with non-standard 

follow-up questions to more deeply 

understand where consumers would 

look for information on the model 

disclosure, how they might interpret the 

language, and what parts of the model 

disclosure might be confusing and 

improved over the course of testing. 

Broadly, this technique helped the 

CFPB to understand if the model 

disclosure was meeting consumer needs 

and to respond quickly with revisions 

based on feedback. 

User testing participants included a 

mix of people who had some experience 

with remittance transfers and people 

who did not have such experience but 

planned to send money abroad in the 

next year. Participants were presented 

with a hypothetical scenario of having 

a problem with a remittance transfer 

and needing to find steps to get it 

resolved using the model disclosure. 

Participants were also asked about the 

clarity of information on the proposed 

updated model disclosure and their 

understanding of the content. 

All participants interacting with the 

model disclosure in the testing 

described above indicated that they 

would contact the remittance transfer 

provider first with any questions or 

concerns about the remittance transfer. 

The participants also all indicated that 

they found the disclosures clear, 

including about whom they could 

contact if they had questions or 

concerns. 

III. Legal Authority 

Section 1073 of the Dodd-Frank Act 

created a new section 919 of the EFTA 

and requires remittance transfer 

providers to provide disclosures to 

senders of remittance transfers, 

pursuant to rules prescribed by the 

CFPB.18 In addition to the statutory 

mandates set forth in the Dodd-Frank 

Act, EFTA section 904(a) authorizes the 

CFPB to prescribe regulations necessary 

to carry out the purposes of the title. 

The express purposes of the EFTA, as 

amended by the Dodd-Frank Act, are to 

establish ‘‘the rights, liabilities, and 

responsibilities of participants in 

electronic fund and remittance transfer 

systems’’ and to provide ‘‘individual 

consumer rights.’’ EFTA section 902(b). 

The model forms in appendix A were 

adopted pursuant to EFTA section 

904(a).19

EFTA section 919(a)(2)(A) and (B) 

require a remittance transfer provider to 

provide to a sender a written prepayment disclosure with certain 

information, as well as a written receipt 

that includes the information provided 

on the prepayment disclosure, plus the 

promised date of delivery, contact 

information for the designated recipient, 

information regarding the sender’s error 

resolution rights, and contact 

information for the remittance transfer 

provider and applicable regulatory 

agencies.20 EFTA section 919(a)(5)(C) 

also authorizes the CFPB to permit a 

remittance transfer provider to provide 

a single written disclosure to a sender, 

instead of a prepayment disclosure and 

receipt, that accurately discloses all of 

the information required on both the 

prepayment disclosure and the receipt. 

Section 1005.31(b)(1) and (2) provide 

these substantive disclosure 

requirements for pre-payment 

disclosures and receipts, respectively.21

Section 1005.31(b)(2)(vi) provides for 

disclosure of a statement that the sender 

can contact the State agency that 

regulates the remittance transfer 

provider and the CFPB for questions or 

complaints about the remittance transfer 

provider, using language set forth in 

model form A–37 of appendix A or 

substantially similar language.22 The 

CFPB also authorized remittance 

transfer providers to use a combined 

disclosure, in lieu of the prepayment 

disclosure and receipt, subject to the 

requirements in § 1005.31(b)(3).23

IV. Effective Date 

The CFPB proposes that the final rule, 

if adopted, would take effect 60 days 

after publication in the Federal Register 

with respect to new disclosures made 

on or after that date. Remittance transfer 

providers would not be required to send 

updated disclosures with respect to 

disclosures made before that date. The 

CFPB solicits comments on whether the 

CFPB should provide a mandatory 

compliance date that is after the 

effective date of the proposed changes. 

Do remittance transfer providers need 

additional time after the effective date to 

implement the required changes to their 

disclosures, including to translate the 

new statement into new languages? Are 

there any other steps that will be 

required to implement the change, and 

if so, how much time is needed to take 

those steps? 

V. CFPA Section 1022(b) Analysis 

A. Overview 

In developing this proposed rule, the 

CFPB has considered the proposed 

rule’s potential benefits, costs, and 

impacts per section 1022(b)(2)(A) of the 

Consumer Financial Protection Act of 

2010 (CFPA). The CFPB requests 

comment on the preliminary analysis 

presented below and submissions of 

more data that could inform the CFPB’s 

analysis of the potential benefits, costs, 

and impacts. In developing the 

proposed rule, the CFPB has consulted 

or offered to consult with the 

appropriate prudential regulators and 

other Federal agencies, including about 

the consistency of this proposed rule 

with any prudential, market, or systemic 

objectives administered by those 

agencies, in accordance with section 

1022(b)(2)(B) of the CFPA. 

B. Goals 

The goal of this proposed rule is to 

modify how consumers are informed 

that they can contact a State licensing 

agency and the CFPB about their 

remittance transfer. The new language 

proposed in this rule intends to ensure 

consumers are informed about the entity 

they can contact with questions about 

their remittance transfer, particularly 

when the remittance transfer provider 

would be best suited to answer their 

question or concern, rather than the 

State licensing agency or the CFPB. The 

proposed rule also updates model forms 

to make remittance transfer provider 

contact information more prominent 

and easier to locate by consumers. 

C. Data Limitations and Quantification 

of Benefits, Costs, and Impacts 

The discussion below relies on 

information the CFPB has obtained from 

industry, other regulatory agencies, and 

publicly available sources. These 

sources form the basis for the CFPB’s 

consideration of the likely impacts of 

the proposed rule. The CFPB provides 

estimates, to the extent possible, of the 

potential benefits and costs to 

consumers and covered persons of this 

proposal given available data. 

The specific data sources that inform 

this discussion include public Federal 

Financial Institutions Examination 

Council (FFIEC) and National Credit 

Union Association (NCUA) call report 


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24 12 CFR 1005.31(b)(2). 

25See Fed. Fin. Insts. Examination Council, 

Central Data Repository’s Public Data Distribution, 

https://cdr.ffiec.gov/public/ManageFacsimiles.aspx 

(last visited Mar. 26, 2024). 

26See National Credit Union Administration, 

Credit Union and Corporate Call Report Data, 

https://ncua.gov/analysis/credit-union-corporatecall-report-data/quarterly-data (last visited Mar. 26, 

2024). 

27See Nationwide Licensing System, 2022 NMLS 

Money Services Businesses Report, https://

mortgage.nationwidelicensingsystem.org/about/ 

Reports/2022%20MSB%20Annual%20Report.pdf. 

28The Remittance Rule’s foreign language 

requirements for disclosures are set forth in 12 CFR 

1005.31(g). Accordingly, providers that provide 

written disclosures in foreign languages will need 

to translate the statement. 

data, annual reports produced by the 

Conference of State Bank Supervisors 

(CSBS) using Nationwide Multistate 

Licensing System (NMLS) data, research 

published by the World Bank, internal 

data from the CFPB’s Office of 

Consumer Response, and previous CFPB 

rulemaking experience with regards to 

remittance transfers. 

Several important data limitations 

impact the CFPB’s determination of the 

proposed rule’s benefits, costs, and 

impacts. Most importantly, the CFPB 

lacks specific information on exact 

amount of employee time that 

remittance transfer providers will have 

to expend to update disclosure 

statement with the language proposed in 

this rule. In addition, data on money 

transmitters are typically limited to 

national aggregates, which impacts the 

ability of the CFPB to examine money 

transmitters in more detail. There are 

also limited consumer or transactionlevel data available on remittance 

transfers, which impact some analysis 

where the CFPB would ideally examine 

remittance transfer consumers by 

subgroups. 

While CFPB acknowledges these data 

limitations, the analysis below provides 

quantitative estimates where possible 

and a qualitative discussion of the 

proposed rule’s benefits, costs, and 

impacts. General economic principles 

and the CFPB’s expertise, together with 

the available data, provide insight into 

these benefits, costs, and impacts. The 

CFPB requests additional data or studies 

that could help quantify the benefits 

and costs to consumers and covered 

persons of the proposed rule. 

D. Baseline for Analysis 

To evaluate the proposal’s benefits, 

costs, and impacts, the CFPB measures 

the proposal’s benefits, costs, and 

impacts against a baseline in which the 

CFPB would take no action. This 

baseline assumes that, in the absence of 

the proposed change to the statement, 

remittance transfer providers would 

continue complying with the disclosure 

requirements as codified in subpart B to 

Regulation E, at section 1005.31(b)(2).24

This means that providers would 

continue using the statement that the 

sender should contact the State 

licensing agency and the CFPB with 

questions or complaints about the 

remittance transfer provider. The 

baseline also assumes that all other 

requirements under Regulation E remain 

unchanged. 

E. Potential Benefits and Costs to 

Consumers and Covered Persons 

1. Potential Benefits and Costs to 

Covered Persons 

The relevant covered persons for the 

purposes of this proposed rule are 

remittance transfer providers as defined 

in the Remittance Rule. The Rule 

provides that the term ‘‘remittance 

transfer provider’’ means any person 

that provides remittance transfers for a 

consumer in the normal course of its 

business, regardless of whether the 

consumer holds an account with such 

consumer. The Rule also provides that 

a person is deemed not to be providing 

remittance transfers for a consumer in 

the normal course of its business if the 

person has provided 500 or fewer 

transfers in the current and previous 

calendar years. 

Providers covered by the rule would 

be required to change the statement on 

relevant remittance transfer disclosures. 

Data on depository institutions and 

the number of remittance transfers they 

provide are available from two sources. 

The first is the FFIEC Reports of 

Condition and Income, otherwise 

referred to as Call Reports. These data 

contain institution-level data on assets, 

the number of remittance transfers, and 

the value of remittance transfers for 

most FDIC insured institutions. 

Similarly, the NCUA collects Call 

Reports from NCUA-insured 

institutions, which contain data on 

assets and the number of remittance 

transfers. 

According to FFIEC Call Reports, 

there were 4,587 banks as of Q4 2023.25

Of these, 316 made over 500 remittance 

transfers in 2023 and would therefore 

not qualify for a safe harbor, and the 

CFPB assumes would be required to 

comply with the change in disclosure 

statement of the proposed rule. 

Similarly, as of Q4 2023, 167 of 4,702 

credit unions made over 500 remittance 

transfers.26 Therefore, of the 9,280 

depository institutions, we expect that 

483 will be covered by the proposed 

rule and will need to change the 

statement on relevant disclosures. 

As of the end of 2022, 34 States, the 

District of Columbia, and Puerto Rico 

required their licensed companies to file 

an MSB Call report to NMLS with 

financial data from MSB companies. 

The CSBS released a report on MSB Call 

Report data as of the end of 2022, 

including select information on money 

transmitters, the primary form of nondepository financial institution that 

would provide remittance transfers.27

This report provides the best data 

available to measure the number of 

MSBs that might incur costs under this 

proposed rule. 

As of the end of 2022, there were 612 

licensed money transmitters reporting 

in NMLS. Of these, 359 reported money 

transmissions on their NMLS call 

reports. The CFPB assumes that these 

359 money transmitters that are 

reporting money transmission would 

therefore incur the cost of updating 

disclosures with the new language of 

this proposed rule. Additionally, there 

were 482,050 active authorized agent 

relationships, where the agent is 

authorized to conduct financial services 

on behalf of the money transmitter. 

However, the CFPB believes that the 

vast majority of the cost of compliance 

with updating the disclosure statement 

will fall on money transmitter 

companies rather than their agents. The 

CFPB believes that large money 

transmitters are likely to facilitate 

compliance for their agents, achieve 

substantial benefits to scale, and widely 

leverage the systems and software 

investments required for compliance 

across a large base of agent locations. 

Therefore, the CFPB assumes the cost of 

compliance with the proposed rule will 

be negligible for money transmitter 

agents. The CFPB requests comment on 

this assumption about compliance costs 

for money transmitter agents. 

The main costs for covered remittance 

transfer providers will be the direct cost 

required to change the statement made 

in future disclosures. Remittance 

transfer providers that are required to 

provide disclosures in a foreign 

language would also need to translate 

the statement into the appropriate 

foreign language.28 (The CFPB 

understands that these disclosures are 

generally not pre-printed, as they 

contain transaction-specific 

information, and the CFPB is not 

proposing to require remittance transfer 

providers to send updated disclosures 

with respect to disclosures made before 

the rule’s effective date.) The CFPB 

expects that this cost will primarily be 


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29See Figure 14, The World Bank Group, 

Remittance Prices Worldwide Quarterly: An 

Analysis of Trends in Cost of Remittance Services, 

https://remittanceprices.worldbank.org/sites/ 

default/files/rpw_main_report_and_annex_q323_

1101.pdf. 

30See U.S. Bureau of Labor Statistics, Table B– 

3. Average hourly and weekly earnings of all 

employees on private nonfarm payrolls by industry 

sector, seasonally adjusted, https://www.bls.gov/ 

news.release/empsit.t19.htm. 

31See Elizabeth Grieco, Patricia de la Cruz, 

Rachel Cortes & Luke Larsen, Who in the United 

States Sends and Receives Remittances? An Initial 

Analysis of the Monetary Transfer Data from the 

August 2008 CPS Migration Supplement, U.S. 

Census Working Paper No. 87, https://

www.census.gov/content/dam/Census/library/ 

working-papers/2010/demo/POP-twps0087.pdf. 

32 KNOMAD, World Bank Bilateral Remittance 

Matrix 2021 (Dec. 2022), https://www.knomad.org/ 

data/remittances. 

the employee time required to perform 

the changes and will be incurred once. 

The extent of the change is relatively 

small relative to the overall disclosure 

requirements, but it is possible that a 

remittance transfer provider might have 

to make the change across multiple 

delivery systems. This could include 

print receipts or forms, email templates, 

text message templates, internet or 

phone applications, or some 

combination thereof. 

The CFPB lacks sufficient data to 

specifically estimate the exact cost of 

updating existing disclosures to comply 

with the proposed statement. Specific 

cost data from covered institutions is 

not generally available. In addition, data 

collected for the CFPB’s previous 

Regulation E rulemaking efforts 

concerned the cost of transitioning to a 

new set of required disclosures, which 

would not be appropriate for estimating 

cost for this proposed rule relative to the 

baseline. Based on the procedures 

required to update the disclosures and 

the fact that it might be required to be 

done across multiple types of platforms, 

the CFPB assumes that covered 

institutions would incur a one-time cost 

of eight hours of employee time per 

institution. Therefore, the CFPB expects 

that the total of 842 covered entities will 

each incur the one-time cost of eight 

hours of employee time. This means 

6,736 hours total of estimated one-time 

cost. 

The CFPB estimates that this cost is 

relatively small compared to a 

remittance transfer provider’s revenue 

from remittance transfers. Banks report 

the total value and number of 

remittance transfers on Call Reports. 

The average dollar value per transfer 

was $6,631. A similar figure cannot be 

calculated from NCUA call reports, but 

the CFPB assumes credit unions would 

have a similar dollar value per transfer. 

According to the CSBS 2022 annual 

report, the average transmission amount 

for a foreign transaction was $566 for 

non-depository money transmitters. 

According to data made by the World 

Bank Group, the average cost for a 

consumer to send a remittance transfer 

from the United States was 11.48 

percent of the remittance transfer value 

for depository institutions and 5.33 

percent for non-depositories.29 For 

depositories, this means that the average 

(gross) revenue per transfer was about 

$761 for depositories and $30 for nondepository money transmitters. The 

average hourly earnings for a private, 

non-farm employee in the financial 

activities industry in December 2023 

was $44.51.30 Therefore, the CFPB 

expects the one-time cost to be less than 

the revenue from one transfer for 

depositories and less than the revenue 

from twelve transfers for non-depository 

money transmitters. This cost would be 

borne only once and the CFPB does not 

expect any cost from this proposed rule 

to be incurred in years after the 

implementation. 

The CFPB requests comment on the 

above analysis of the costs of updating 

remittance transfer disclosures. 

2. Potential Benefits and Costs to 

Consumers 

There is an opportunity cost for 

consumers who contact their State 

licensing agency or the CFPB with 

questions or concerns about their 

remittance transfer that would have 

been better directed to remittance 

transfer providers. The time spent 

contacting these agencies could have 

been instead spent contacting the 

provider to resolve their concern or 

otherwise spent on valuable activity. In 

this way, the CFPB views the time saved 

by the consumer as a benefit of the 

proposed change in the disclosure 

statement. 

As described above in section I, the 

CFPB’s Office of Consumer Response 

estimates that the CFPB receives 

approximately 1,800 calls per month 

with questions related to remittance 

transfers that it is not best placed to 

answer. For these calls, the average call 

time is between 7 and 10 minutes. Using 

8.5 minutes (the midpoint of 7 and 10) 

and 1,800 calls per month, the CFPB 

estimates the total time spent per year 

is equivalent to 183,600 minutes, or 

3,060 hours where consumers call the 

CFPB’s toll-free number seeking 

answers that the CFPB is not able to 

provide. Therefore, we estimate that the 

proposed amendment to Regulation E 

will save consumers about 3,060 hours, 

annually. 

It is possible that the proposed new 

disclosure statement does not prevent 

all consumers from contacting the CFPB 

or State license agencies with such calls. 

In this case, the annual benefit 

described above would be an 

overestimate, as 3,060 hours annually 

would be the effect if all calls were 

redirected to the source best placed to 

answer questions or concerns. The 

consumer testing of section III suggests 

that the new language will be effective 

at reducing consumers calling an agency 

first when the remittance transfer 

provider might be better to call first, but 

the full extent of the proposed 

language’s effect on consumer behavior 

carries a degree of uncertainty. 

However, there is another sense in 

which the CFPB’s estimate could be an 

underestimate. The CFPB lacks similar 

data on call volume and duration from 

State licensing agencies to whom 

consumers are also potentially directing 

questions that would be better posed to 

remittance transfer providers. If a 

significant amount of consumer time is 

spent contacting State agencies in a 

similar manner, then the above estimate 

could understate the potential benefits 

of the proposed rule, as it is only based 

on CFPB call data. 

In addition to the opportunity cost of 

their time, the proposed rule may also 

save some consumers the frustration 

and stress caused by placing calls to 

agencies that are not best placed to 

answer their questions. Some 

consumers may be seeking assistance 

during a time of financial distress, in 

which timely assistance is important. 

The CFPB lacks sufficient data to 

quantify this benefit. 

The CFPB does not expect consumers 

to directly bear any costs associated 

with the proposed rule. As noted above, 

the proposal would impose limited 

costs on remittance transfer providers. 

Firms are unlikely to raise prices as a 

consequence, given the minimal size of 

the cost increase. The CFPB requests 

comment on the above analysis of the 

benefits of updating remittance transfer 

disclosures. 

3. Distribution of Consumer Impacts 

The CFPB lacks specific data on 

remittance transfer senders to fully 

describe the potential distribution of 

consumer benefits. However, previous 

research has shown that remittance 

senders are much more likely to be 

recent immigrants.31 The top three 

destinations for remittance transfers 

sent from the United States in 2021 

were Mexico, India, and Guatemala.32


ddrumheller on DSK120RN23PROD with PROPOSALS1
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79461 

33Based on the size-standards for ‘‘financial 

transactions processing, reserve, and clearinghouse 

activities’’ (NAICS code 522320). See U.S. Small 

Business Administration, Table of Small Business 

Size Standards https://www.sba.gov/document/ 

support-table-size-standards. 

34U.S. Census Bureau, 2017 SUSB Annual Data 

Tables by Establishment Industry, Data by 

Enterprise Receipts Size, https://www.census.gov/ 

data/tables/2017/econ/susb/2017-susbannual.html. 

F. Potential Specific Impacts of the 

Proposed Rule on Depository 

Institutions and Credit Unions With $10 

Billion or Less in Total Assets 

According to the Q4 2023 FFIEC Call 

Report, there are 4,429 banks with $10 

billion or less in total assets. Of these 

4,429 banks, 201 made over 500 

remittance transfers in 2023. According 

to the Q4 2023 NCUA Call Report, there 

are 4,681 credit unions with $10 billion 

or less in total assets. Of these 4,681 

institutions, 148 made over 500 

remittance transfers in 2023. Therefore, 

of the 9,110 total depository institutions 

(banks + credit unions) with $10 billion 

or less in assets, we expect that 349 will 

be required to make changes to existing 

disclosures under this proposed rule. As 

described above, the CFPB expects each 

of these institutions to spend eight 

hours of employee time to update 

existing disclosures and that this will 

occur once. 

G. Potential Specific Impacts of the 

Proposed Rule on Consumer Access to 

Credit and on Consumers in Rural Areas 

The CFPB does not expect the 

proposed rule regarding remittance 

transfer disclosures to have any effect 

on consumers’ access to credit. 

The CFPB is unaware of data on 

remittance transfer senders that would 

provide detail sufficient to estimate a 

specific effect of the proposed rule on 

consumers in rural areas. However, the 

CFPB does expect that consumers from 

rural areas who have questions about 

their remittance transfer will benefit 

from clarity as to which entity would be 

best positioned to address their 

concerns. The CFPB requests comment 

on potential impacts of the proposed 

rule on consumers in rural areas. 

VI. Regulatory Flexibility Act Analysis 

The Regulatory Flexibility Act (RFA) 

generally requires an agency to conduct 

an initial regulatory flexibility analysis 

(IRFA) and a final regulatory flexibility 

analysis of any rule subject to noticeand-comment rulemaking requirements 

unless the agency certifies that the rule 

will not have a significant economic 

impact on a substantial number of small 

entities (SISNOSE). The CFPB is also 

subject to specific additional procedures 

under the RFA involving convening a 

panel to consult with small business 

representatives before proposing a rule 

for which an IRFA is required. An IRFA 

is not required for this proposal because 

the proposal, if adopted, would not have 

a SISNOSE. 

Small institutions, for the purposes of 

the Small Business Regulatory 

Enforcement Fairness Act (SBREFA) of 

1996, are defined by the Small Business 

Administration. Effective March 17, 

2023, financial institutions with less 

than $850 million in total assets are 

determined to be small. For nondepository money transmitters, the 

standard is $47 million in receipts.33

According to the Q4 2023 FFIEC Call 

Report, there are 3,422 banks with $850 

million or less in assets. Of the 3,422 

banks, 1,237 made any remittance 

transfers and only 39 made over 500 

remittance transfers in 2023. According 

to the Q4 2023 NCUA Call Report, there 

are 4,201 credit unions with $850 

million or less in assets. Of the 4,201 

institutions, 1,208 made any remittance 

transfers and only 27 made over 500 

remittance transfers in 2023. Therefore, 

of the 7,623 small depository 

institutions (banks and credit unions), 

we expect that 66 are both small and 

process enough remittance transfers 

such that they would be required to 

make changes to existing disclosures 

under the proposed rule. 

The CFPB is unaware of data 

concerning receipts for money 

transmitters, specifically, but data from 

the 2017 Statistics of U.S. Businesses 

does provide the distribution of firms by 

receipts in the broader industry to 

which money transmitters would 

belong. Of all firms within the 

‘‘Financial Transactions Processing, 

Reserve, and Clearinghouse Activities’’ 

industry, 95 percent would have 

receipts under $50 million.34 It is 

reasonable to assume that a similar 

proportion of money transmitters would 

be classified as small according to the 

value of their receipts. Of the 359 

money transmitters in 2022 who 

documented any remittance transfer, we 

would expect around 341 to be 

considered small according to the SBA 

definition. The CFPB is unaware of 

similar data on agents, specifically, but 

believes that the vast majority would 

likely be considered small. However, as 

stated in section VI.E.1 above, the CFPB 

expects the cost of the updated 

disclosure statement to fall primarily on 

money transmitters and there to be a 

negligible effect on agents. 

Based on these statistics and the cost 

estimates in section VI.E, the CFPB does 

not expect the proposed rule to have a 

significant effect on a substantial 

number of small entities. The total of 

407 small entities that the CFPB expects 

to be impacted by the proposed rule is 

14.5 percent of the number of small 

entities that perform any remittance 

transfers (1,237 banks, 1,571 credit 

unions, and 359 money transmitters). In 

addition, the cost of employee time to 

change remittance transfer disclosures is 

likely a small fraction of annual 

remittance transfer income for an 

institution and should only be incurred 

once. 

Accordingly, the Director hereby 

certifies that this proposal, if adopted, 

would not have a significant economic 

impact on a substantial number of small 

entities. Thus, neither an IRFA nor a 

small business review panel is required 

for this proposal. The CFPB requests 

comment on the analysis above. 

VII. Paperwork Reduction Act 

Under the Paperwork Reduction Act 

of 1995 (PRA), Federal agencies are 

generally required to seek approval from 

the Office of Management and Budget 

(OMB) for information collection 

requirements prior to implementation. 

Under the PRA, the CFPB may not 

conduct or sponsor, and, 

notwithstanding any other provision of 

law, a person is not required to respond 

to, an information collection unless the 

information collection displays a valid 

control number assigned by OMB. As 

explained below, the CFPB has 

determined that this proposed rule does 

not contain any new or substantively 

revised information collection 

requirements other than those 

previously approved by OMB under that 

OMB control number. The proposed 

rule would amend 12 CFR part 1005 

(Regulation E), which implements 

EFTA. The CFPB’s OMB control number 

for Regulation E is 3170–0014. 

The CFPB does not believe that this 

proposed rule would impose any new or 

substantively revised collections of 

information as defined by the PRA. The 

proposed rule would only require 

changes to the disclosures already 

required to be provided by remittance 

transfer providers. The CFPB welcomes 

comments on these determinations or 

other burden-related aspects of the 

proposal such at the burden of the 

information collections, their utility, or 

whether they substantially duplicate 

existing information collection 

requirements of other agencies. 

Comments should be submitted as 

outlined in the ADDRESSES section 

above. All comments will become a 

matter of public record. 


ddrumheller on DSK120RN23PROD with PROPOSALS1
79462 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

List of Subjects in 12 CFR Part 1005 

Automated teller machines, Banks, 

banking, Consumer protection, Credit 

unions, Electronic fund transfers, 

National banks, Remittance transfers, 

Reporting and recordkeeping 

requirements, Savings associations. 

Authority and Issuance 

For the reasons set forth above, the 

CFPB proposes to amend 12 CFR part 

1005 as set forth below: 

PART 1005—ELECTRONIC FUND 

TRANSFERS (REGULATION E) 

■ 1. The authority citation for part 1005 

continues to read as follows: 

Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 

1693b. Subpart B is also issued under 12 

U.S.C. 5601 and 15 U.S.C. 1693o–1. 

Subpart B—Requirements for 

Remittance Transfers 

■ 2. Section 1005.31 is amended by 

revising paragraph (b)(2)(vi) to read as 

follows: 

§ 1005.31 Disclosures 

* * * * * 

(b) * * * 

(2) * * * 

(vi) A statement that the sender can 

contact the State agency that licenses or 

charters the remittance transfer provider 

with respect to the remittance transfer 

and the Consumer Financial Protection 

Bureau if the sender has unresolved 

problems with respect to the remittance 

transfer or complaints about the 

remittance transfer provider, using 

language set forth in model form A–37 

of appendix A to this part or 

substantially similar language. The 

disclosure must provide the name, 

telephone number(s), and website of the 

State agency that licenses or charters the 

remittance transfer provider with 

respect to the remittance transfer and 

the name, toll-free telephone number(s), 

and website of the Consumer Financial 

Protection Bureau; and 

* * * * * 

■ 3. Amend Appendix A to part 1005 

by: 

■ a. Adding titles A–33 and A–38 in 

numerical order to the table of contents 

of the appendix; and 

■ b. Revising model forms A–30(a) 

through (d), A–31, A–32, A–33, A–34, 

A–35, A–37, A–38, A–39, and A–40. 

The revisions and additions to read as 

follows: 

Appendix A to Part 1005—Model 

Disclosure Clauses and Forms 

* * * * * 

A–33—Model Form for Pre-Payment 

Disclosures for Dollar-to-Dollar Remittance 

Transfers (§ 1005.31(b)(1)) 

* * * * * 

A–38—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency—Spanish 

(§ 1005.31(b)(1)) 

* * * * * 

BILLING CODE 4810–AM–P 

A–30(a)—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency 

(§ 1005.31(b)(1)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.003</GPH>

ABC Company 

800-123-4567 

www.abccompany .. com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

Today's Date: March 3, 2024 

HOT A RECEIPT 

Transfer Amount: 

Transfer Fees: 

Transfer Taxes: 

Total: 

Exchange Rate: 

Transfer Amount: 

Other Fees: 

Total to Recipient: 

$100 .. 00 

+$7 .00 

+$3.00 

$110.00 

OS$1 .. 00 = 12.27 MXN 

1,227.00 MXN 

-30.00 MXN 

1,197.00 MXN 

Recipient may receive less due to 

fees charged by the recipient's bank 

and foreign taxes. 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79463 

A–30(b)—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency 

(§ 1005.31(b)(1)) 

A–30(c)—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency 

(§ 1005.31(b)(1)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.004</GPH>

ABC Company 

800-123-4567 

www.abccompany.com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

Today's Date: March 3, 2024 

HOT A RECEIPT 

Transfer Amount: 

Transfer Fees: 

Transfer Taxes: 

Total: 

Exchange Rate: 

Transfer Amount: 

Other Fees: 

Total to Recipient: 

$100.00 

+$7.00 

+$3.00 

$110.00 

US$1.00 = 12.27 MXN 

1,227.00 MXN 

-30.00 MXN 

1,197.00 MXN 

Recipient may receive less due to 

fees charged by the recipient's bank 

(Est. 40 MXN). 
79464 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

A–30(d)—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency 

(§ 1005.31(b)(1)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.005</GPH>

ABC Company 

800-123-4567 

www.abccompany.com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

Today's Date: March 3, 2024 

NOT A RECEIPT 

Transfer Amount: 

Transfer Fees: 

Transfer Taxes: 

Total: 

Exchange Rate: 

Transfer Amount: 

Other Fees: 

Total to Recipient: 

$100.00 

+$7.00 

+$3.00 

$110.00 

OS$1.00 = 12.27 MXN 

1,227.00 MXN 

-30.00 MXN 

1,197 .. 00 MXN 

Recipient may receive less due to 

foreign taxes (Est. 10 MXN). 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79465 

A–31—Model Form for Receipts for 

Remittance Transfers Exchanged Into Local 

Currency (§ 1005.31(b)(2)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.006</GPH>

ABC Company 

800-123-4567 

www.abccompany .. com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

Today's Date: March 3, 2024 

NOT A RECEIPT 

Transfer Amount: 

Transfer Fees: 

Transfer Taxes: 

Total: 

Exchange Rate: 

Transfer Amount: 

Other Fees: 

Total to Recipient: 

$100 .. 00 

+$7.00 

+~3.00 

$110.00 

0S$1.00 = 12.27 MXN 

1,227.00 MXN 

-30.00 MXN 

1,197.00 MXN 

Recipient. may receive less due to 

fees charged by the recipient's bank 

(Est. 30 MXN) and foreign taxes (Est. 

10 MXN) .. 
79466 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

A–32—Model Form for Combined 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency 

(§ 1005.31(b)(3)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.007</GPH>

ABC Company 800-123-4S67 

ww.abcoompany.eom 

1{)00 Xll'Z Avenue 

Anyt:own, Anystate 12345 

Today's nate, March 3, 2024. 

RECBIP:t' 

SENDER: 

Pat Jonea 

100 Anywhare Street 

Anytown, Anywhere 54321, 

222-555-1212 

RECil'lEN'l'• 

C!lrlos Gomez 

123 Calle XXX· 

Mexico City 

Mexico 

PICK-UP LOCATION: 

1\!lC Company 

65 Avenida YYY 

Mexico City 

Mexico 

CQntlrmation Code, 

Date Available, 

Transfer Amount, 

Transfer Fees, 

Transfer Tax.es::. 

'l'<>tal1 

bchange Rate, 

Transfer l\mmifitt 

Other Feest 

Total to Recipient, 

UC 123 DEF 456 

Karch 4, 2024 

$100.00 

+$7 .oo +$3.00 

$110.00 

US$1,00 • 1,1.27 MXN 

1,227.00 MXN 

-30.00 MXll 

1,191.00 MXN 

aecipient may receive less due to fees 

charged by the recipient's bank and 

foreign taxes. 

You have a right to dispute errors in 

your trMsactioli. If you think there is 

an error, <1ontact us within 180 days at 

eoo-123-4567 or www,al>cgpmpany.gom. 

You c-em also c:ontact u• for a written 

explanation of your rights. 

You can cancel for a full refund within 

30. minutes of payment, unless the funds 

have been pickecl up Qr depo1<ited. 

lf you have unresolved p.obl,lms with 

your money transfer or complaints about 

ABC company, contact, 

State Regulatory Agency 

800-Hl-2222 

WW"(,stataregulatorvaqenc:v.sov 

Conswoer Final\Cial Prct8<1tion 9Ureau 

855-411-2372 

855-729-2372 ('!'TY/TOI)) 

consumerfinange • goy/ sandina-monev 

ABC Company 

800-123-4567 

www. abcco,npany. com 

1000 XY3 l\venue 

Anytown, Anystate 12345 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79467 

A–33—Model Form for Pre-Payment 

Disclosures for Dollar-to-Dollar Remittance 

Transfers (§ 1005.31(b)(1)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.008</GPH>

ABC Company 

800-.123-4567 

www~abccompany~com 

1000 XYll Avenue 

Anytown, Anyatate 12345 

'l'odalf's Date: March 3, 2Q24 

Sl!NDElb 

Pat Jone!< 

100 Anywhere Street 

Anytown, Anywhere 54321 

222-555-1212 

l\l!CIPI1l1il'l'• 

Carlos Gomaz 

123 Calle XXX Mexico City 

Mexico 

PICK-UP LOCATION: 

ABC Company 65 Aven,l.da YYY 

lle;dco City Meld.co 

Collfimation CO<let 

Pate Avail.able, 

Transfer Amotlllt, 

Transfer F-ees: 

T;an5fer Tapg, 

Tot.alt 

iUlc 123 DBP 456 

March 4, 2024 

$100,00 

+$7, 00 

+$3,00 

$110,00 

Ticansfer Amount, 

Other Fees, 

US$l.OO "' 12 .• 27 MXN 

1,227.00 NlOI 

-30,00 MXN 

Total to Recipient, l, 197 .00 MXN 

Recipient may receive less due to fees 

charged by the recipient's bank and 

foreign taxes. 

You have a right to dispute errors in 

your transaction. If you think there is an error, contact us within 180 days at 

800-123-4567 or ~091!1Pfl!V,SDII\, 

You can also contact. us for a written 

explanation of your rights. 

You can eancel fox, a full r•fund within 30 mi111tt•es of payment, unles$ the funds 

have been picked up or deposited. 

If you have unresolved problems with 

your money transfer or complaints about 

ABC Company, contact, 

State ltegulatory Agency 

aoo-111-2222 

WW, staterequlat;oryagenc;y·.,qov 

Col'lSurner Financial Proteotion Bureau 

855-411-2372 

855-729-2372 ('l"fi/TOO) 

ww.con11)1JD!lrlinanse.goy 

lUIC eompany 1!00-123-4567 

W!IW,abecompany,~om 

1000 XYZ Avenue 

Anytown, Anystate 12345 
79468 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

A–34—Model Form for Receipts for Dollarto-Dollar Remittance Transfers 

(§ 1005.31(b)(2)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.009</GPH>

Today's Date: 

Tran:sfer An10unt: 

Transfer Fees: 

Tranafer Taxea :- _ Total: 

'fransfer~untt 

Other Feea: 

ABC Company 

800-123-4567 

www.abccompany.com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

March 3, 2024 

NOT A RBCBIPT 

Total to Recipient; 

$100.00 

+$7.00 

+$3,00 

$110,00 

$100,00 

•$4.00 

$96.00 

Recipient may receive less due to fees charged by the 

recipient's bank and foreign taxes._ 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79469 

A–35—Model Form for Combined 

Disclosures for Dollar-to-Dollar Remittance 

Transfers (§ 1005.31(b)(3)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.010</GPH>

ABC Company 800-123-4567 

ww. abccOIIIP$JlY .00111 

1000 xn Avenue Anytown, Anystate 12345 

Today's Date: Martth 3, 2024 

SDll)l!l!.l 

Pat Jones 1 oo An,wl!ere Street 

Al'lytown, Anywl\ere 54l21 

222-sss-1212 

conflxmation code, 

Date Availablet 

Transfer Jlmoimt, Transfer l!'ess, 

Transfer Tu,a; 

Total: 

Transfer Amount, 

othG Fen• Total to Recipient: 

RBCIPil!N'I.': 

Carles Golnel! 

106 Calle XX 

Maxicc City 

Maxico 

PICX-lll' LOCATIOIII 

ABC company 

65 Avendida YYY 

Mexico City 

Maxicc 

ABC 123 Dff 456 

March 4, 2024 

$100.00 

+$7.00 

+$3.00 

$110.00 

$100.00 

-$4.00 

$96.00 

Recipient may receiva less due to fees charged by the recipient's 

bank and foreign tax••. 

You have a, .right to dispute. errors in ycnr tr""8action. If you think 

there is an error, ccntact us within 180 days at 800-123-4567 or 

www,abcqqmpany.90111. You can also contact us for a written expbnation 

of your rights • 

You can cancel for· a fuli refund within. 30 minutes of payment, 

unless the funds hava been picked up or deposited. 

If yoli hava unresolved problems with your moruoy tr""8fer or eolilplainte 

about ABC Company, contact, 

State Regulatory Agency 

800-Ul-2222 

WWW, st&t9f!gul4torya~.·@ 

COnaumer Financial l'rotection ifureau 

855-411-2372 

855-729-2372 {TTY/TDD) 

www.oonswperllnana.gov 

UC CO!tpaay 

800.;.123-4567· 

www.abccompany .00111 

1000 XYZ Avenue 

Anytown, Al'lyatate 12345 
79470 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

* * * * * 

BILLING CODE 4810–AM–C 

A–37—Model Form for Error Resolution and 

Cancellation Disclosures (Short) 

(§ 1005.31(b)(2)(iv) and (b)(2)(vi)) 

You have a right to dispute errors in your 

transaction. If you think there is an error, 

contact us within 180 days at [insert 

telephone number] or [insert website]. You 

can also contact us for a written explanation 

of your rights. 

You can cancel for a full refund within 30 

minutes of payment, unless the funds have 

been picked up or deposited. 

If you have unresolved problems with your 

money transfer or complaints about [insert 

name of remittance transfer provider], 

contact: 

State Regulatory Agency, 800–111–2222, 

www.stateregulatoryagency.gov. 

Consumer Financial Protection Bureau, 

855–411–2372, 855–729–2372 (TTY/TDD), 

www.consumerfinance.gov. 

BILLING CODE 4810–AM–P 

A–38—Model Form for Pre-Payment 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency—Spanish 

(§ 1005.31(b)(1)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.011</GPH>

ABC Company 

800-123-4567 

www.abooompany.com 

1000 Xl/Z Avenue 

Anytown, Anystate 12345 

Today's Oate, March 3, 2024 

Si!NOi!R: 

Pat Jones 

100 Anywhere Street 

Anytown, Anywhere 54321 

222-555-1212 

Confirmation Code: 

Date Available, 

Transfer Amount, 

Transfer Fees, 

Transfer Taxes1 

Total, 

Transfer Amount, 

Other Fees, 

Total to Recipient, 

RECIPIENT, 

Carlos Gomez 106 Calle KX 

Mexico City 

Mexico 

PICK-UP t.OCATION1 

ABC Company 

65 Avendida YU 

Mexico City 

Mexico 

ABC 123 OEF 456 

March 4, 2024 

$100,00 

+$7,00 

+$3.00 

$110.00 

$100.00 

-$4.00 

$96,00 

Recipient may receive less due to fees charged by the recipient's 

bank and foreign taxes. 

You have a right to dispute errors in your transaction. If you think 

there is an error, contact us within 180 days at 800-123-4567 or ww.apgcompany,com. You can also contact us for a written explanation 

of your rights, 

You can cancel for a full refund within 30 minutes of payment, unless 

the funds have been picked up or deposited, 

If you have unresolved problems with your money transfer or complaints about A!IC Company, contact, 

State Regulatory Agency 

800-111-2222 

ww.stateregulatoryagency.gov 

Consumer Financial Protection Bureau 855-411-2372 

855-729-2372 (TTY/TDD) 

l!l:Qi',,con1umerlinllll91,99Y 

ABC COlllpany 

800-123-4567 

www.abccompany.com 

1000 XYZ Avenue 

Anytown, Anystate 12345 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79471 

A–39—Model Form for Receipts for 

Remittance Transfers Exchanged Into Local 

Currency—Spanish (§ 1005.31(b)(2)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.012</GPH>

ABC Company 

800-123-4567 

www.abccompany.com 

1000 XYZ Avenue 

Anytown, Anystate 12345 

Fecha: 3 de marzo de 2024 

ESTE NO ES UN RECIBO 

Cantidad de Envio: 

Cargos por Envio: 

Impuestos de Envio: 

Total: 

Tasa de Cambio: 

cantidad de Envio: 

$100.00 

+$7.00 

+$3.00 

$110.00 

US$1.00 = 12.27 MXN 

Otros Cargos por Envio: 

1,227.00 MXN 

-30.00 MXN 

Total al Destinatario: 1,197.00 MXN 

El benefioiario podria recibir menos 

dinero debido a las comisiones cobradas 

por el banoo del beneficiario e impuestos 

extranjeros. 
79472 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

A–40—Model Form for Combined 

Disclosures for Remittance Transfers 

Exchanged Into Local Currency—Spanish 

(§ 1005.31(b)(3)) 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.013</GPH>

ABC company 800-123-4567 

~ .. abceompany .. com 

1000 Xl!Z Avenue 

Anytawn, Anystate 12345 

F•oha, J de marzo de 2024 

REl!ITIINTE, 

Pat JonH. 

UC!tBO 

100 Anywhere Street 

Anytawn, Anywhere 54321 

222-555-1212 

OESTINATARIO• 

CUl0$ Gomel! 

123 Cal1" XX.X 

Ciudad de Mexico, D,F. 

Mxico 

PUii'!'() DE PA®, 

ABC company 

65 Avenid". Yii\t Ciudad de Mexico, D,!'; 

Maxico 

C6digo de confirmaci6n, 

Fecha Disponible, 

lli,c in DE? 456 

4 di! marzo di! 2024 

cantidad de Envio, 

<:argoa p(lr Bnv-io, 

Impuestos de Env-101 

-Total: 

$1QO.OO 

+$7 .oo +$3.00 

$110.00 

'l'asa de Cambio, ust1;00 • 12.21 11XH 

Cantidad de l!nv-ior 

OtrOll CargCiS par l!nvio, 

Total al D&:stine.t.ario: 

1,227.00 11XH 

-30.00 llllN 

1,197.00 IIXH 

El beneficiario podrla recibir 11\enos 

din&ro debido a las comis:Lones cobrlldas 

por .al ban-00 de l beneficia.rio e impuestos 

axtran.jeroe. 

Usted · tisne el derecho ds. discutir errores 

en sn transaoci6n. Si cree 411" by w, 

error, contlictenos dentro de 180 dias al 

800-123-4567 Q J!l,V,ab<,c~. 

Tambi6n pueds contacternoa para obtener 

una mtplicaci6n escrita de sus derechoa .. 

Paede, canoelar el env-io y recribir ua 

reenlbolso total dent:ro de 30 minutos 

de haber .realizado el. pago, a no se.r 

que los fondo• hayan side reeogidos o 

dep0$i tadoa. 

Si tiene problema1> sin resolver <:!Ol'I au 

tnnsferencia de dinero o quejas sol>re ABC Company, p6ngase en contaeto eon: 

State t1e9ulatory Agency 

$00-111-2222 

"""• stat&re9\!latorya<1e!'91, 'i2J' 

Consumer ?inane ial Protection Bureau 

855-411,.-2372 

855-729-2372 ('J."fi/'l'DD) 

www .. consumerfinance. gov 

J111C Company 800-123-4567 

"""'· abccompany.oom 100 Xl!Z Avenue 

Anytown, Anystate 12345 
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 79473 


ddrumheller on DSK120RN23PROD with PROPOSALS1EP30SE24.014</GPH>

ABC Company 800-123-4567 

www.abccompany.com 

1000 xn Avenue 

IU!ytown, Anystete l234S 

RlililTENTE, 

Pat. Jones 

100 Anywhere street 

Anytown, Anywhere 5U21 

222-555-1212 

Dl!S'I'I!!ATAIUO I 

Carlos Gomez 

l 23 Calle XXX . 

Ciudad de ll<lxico, ·o.ir.· 

ll<§xico 

PUNTO OE PAOO: 

ABC COlllpany 

65 Avenida YYY 

Ciudad de Mexico, D, r·. 

Mtixico 

C6digo de Con!irmaci6nl ABC 123 DBl' 456 

1.'echa Disponible, 

cantidad de Envio• 

C;,.rgos por Envio: 

Igueatos de Env!O: 

4 de lll!lt'ZO de 20.24 

$100.00 

+$7 .oo +$3.00 

Total: $110.00 

Cantidad de EnVi<H 

01;.J:oB C&r!19s p0r 1!lnvio1 

1,227.00 llllN 

-30,00 !00! 

Total al Destinatario1 1,197.00 IIXN 

El l:>en\'lficiario p<:>dria reci!;>ir menos. 

dinero debido a las comisiones ooi;>radas 

por el banco del beneliciario e impuestos 

ext.ranjaroa f 

Usted tiene. el. dereclto de discutl-r errores 

en su transaoci6n, Si eree que hay wi 

error, aontActenos dentro de 180 dias al 

800-123-~567 o ffi'W'.,abccgmpany.<:0111, 

Tlllllbien puecle contactarnos para Obtaner 

'"'" expUcacioo ei,ortta de .!!Ill! t:1<,reQ!'IQs, 

Paede cancelar el envio y recibir un 

reembolso total dentro de 30 minutos 

de haber realizado el pago, a no se:r· 

que ios fondos hayan sido recogidos o 

depoeitados, 

Si tiene probleillas sin reeolver con ·su 

transferencia de dineto o .que:;ias sobre 

ABC Company, p&,gase en contacto con: 

state Regulatory A,;enoy 

800-lll-2222 

www.stat.eregulatc,;yafl!ntj,goy 

Consumer Finanoial Protection aureau. 

85!;-411-2372 

855-729-2372 (ffi/TDD) 

oonaun\e:rflnanoe.:90v/envios 

UC Company 

800-123-4567 

www ,abceompany ;CQm 

1 oo xn Avenue 

Anytos,n, Anystate 12,45 
79474 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Proposed Rules 

* * * * * 

Rohit Chopra, 

Director, Consumer Financial Protection 

Bureau. 

[FR Doc. 2024–22004 Filed 9–27–24; 8:45 am] 

BILLING CODE 4810–AM–C 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2024–2318; Project 

Identifier MCAI–2023–00981–E] 

RIN 2120–AA64 

Airworthiness Directives; Austro 

Engine GmbH Engines 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed rulemaking 

(NPRM). 

SUMMARY: The FAA proposes to 

supersede Airworthiness Directive (AD) 

2023–20–03, which applies to certain 

Austro Engine GmbH Model E4 and E4P 

engines. AD 2023–20–03 requires 

repetitive engine oil analysis for 

aluminum content outside the 

acceptable limits and, if necessary, 

replacement of the pistons, piston rings, 

con-rods assembly, and crankcase or, as 

an alternative, replacement of the 

engine core. Since the FAA issued AD 

2023–20–03, the manufacturer 

identified errors in the lists of affected 

engines and provided updated 

information, which prompted this 

proposed AD. This proposed AD would 

retain the requirements of AD 2023–20– 

03, add compliance times for additional 

affected engine serial numbers, and 

remove certain engine serial numbers 

from the applicability of the existing 

AD. The FAA is proposing this AD to 

address the unsafe condition on these 

products. 

DATES: The FAA must receive comments 

on this NPRM by November 14, 2024. 

ADDRESSES: You may send comments, 

using the procedures found in 14 CFR 

11.43 and 11.45, by any of the following 

methods: 

• Federal eRulemaking Portal: Go to 

regulations.gov. Follow the instructions 

for submitting comments. 

• Fax: (202) 493–2251. 

• Mail: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE, 

Washington, DC 20590. 

• Hand Delivery: Deliver to Mail 

address above between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays. 

AD Docket: You may examine the AD 

docket at regulations.gov under Docket 

No. FAA–2024–2318; or in person at 

Docket Operations between 9 a.m. and 

5 p.m., Monday through Friday, except 

Federal holidays. The AD docket 

contains this NPRM, the mandatory 

continuing airworthiness information 

(MCAI) any comments received, and 

other information. The street address for 

Docket Operations is listed above. 

Material Incorporated by Reference: 

• For Austro Engine GmbH material 

identified in this proposed AD, contact 

Austro Engine GmbH, Rudolf-DieselStrasse 11, A–2700 Weiner Neustadt, 

Austria; phone: +43 2622 23000; 

website: austroengine.at. 

• You may view this material at the 

FAA, Airworthiness Products Section, 

Operational Safety Branch, 1200 District 

Avenue, Burlington, MA 01803. For 

information on the availability of this 

material at the FAA, call (817) 222– 

5110. 

FOR FURTHER INFORMATION CONTACT: 

Morton Lee, Aviation Safety Engineer, 

FAA, 1600 Stewart Avenue, Suite 410, 

Westbury, NY 11590; phone: (860) 386– 

1791; email: morton.y.lee@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

The FAA invites you to send any 

written relevant data, views, or 

arguments about this proposal. Send 

your comments to an address listed 

under the ADDRESSES section. Include 

‘‘Docket No. FAA–2024–2318; Project 

Identifier MCAI–2023–00981–E’’ at the 

beginning of your comments. The most 

helpful comments reference a specific 

portion of the proposal, explain the 

reason for any recommended change, 

and include supporting data. The FAA 

will consider all comments received by 

the closing date and may amend the 

proposal because of those comments. 

Except for Confidential Business 

Information (CBI) as described in the 

following paragraph, and other 

information as described in 14 CFR 

11.35, the FAA will post all comments 

received, without change, to 

regulations.gov, including any personal 

information you provide. The agency 

will also post a report summarizing each 

substantive verbal contact received 

about this NPRM. 

Confidential Business Information 

CBI is commercial or financial 

information that is both customarily and 

actually treated as private by its owner. 

Under the Freedom of Information Act 

(FOIA) (5 U.S.C. 552), CBI is exempt 

from public disclosure. If your 

comments responsive to this NPRM 

contain commercial or financial 

information that is customarily treated 

as private, that you actually treat as 

private, and that is relevant or 

responsive to this NPRM, it is important 

that you clearly designate the submitted 

comments as CBI. Please mark each 

page of your submission containing CBI 

as ‘‘PROPIN.’’ The FAA will treat such 

marked submissions as confidential 

under the FOIA, and they will not be 

placed in the public docket of this 

NPRM. Submissions containing CBI 

should be sent to Morton Lee, Aviation 

Safety Engineer, FAA, 1600 Stewart 

Avenue, Suite 410, Westbury, NY 

11590. Any commentary that the FAA 

receives which is not specifically 

designated as CBI will be placed in the 

public docket for this rulemaking. 

Background 

The FAA issued AD 2023–20–03, 

Amendment 39–22562 (88 FR 76104, 

November 6, 2023) (AD 2023–20–03), 

for certain Austro Engine GmbH Model 

E4 and E4P engines. AD 2023–20–03 

was prompted by an MCAI originated by 

the European Union Aviation Safety 

Agency (EASA), which is the Technical 

Agent for the Member States of the 

European Union. EASA issued EASA 

AD 2022–0240R1, dated December 15, 

2022 (EASA AD 2022–0240R1), to 

address reports of piston failures. 

AD 2023–20–03 requires repetitive 

engine oil analysis for aluminum 

content outside the acceptable limits 

and, if necessary, replacement of the 

pistons, piston rings, con-rods assembly, 

and crankcase or as an alternative, 

replacement of the engine core. The 

FAA issued AD 2023–20–03 to prevent 

piston failure, which could result in loss 

of oil, loss of engine power, and reduced 

control of the airplane. 

Actions Since AD 2023–20–03 Was 

Issued 

Since the FAA issued AD 2023–20– 

03, EASA superseded EASA AD 2022– 

0240R1 and issued EASA AD 2023– 

0163, dated August 18, 2023 (EASA AD 

2023–0163) (also referred to as the 

MCAI). The MCAI states that a 

manufacturer investigation into reports 

of piston failures determined that 

certain batches of pistons were 

manufactured with a dimensional 

deviation in the piston pin bore and in 

the piston diameter, which could cause 

piston failure, with consequent loss of 

oil, loss of engine power, and reduced 

control of the airplane. To address the 

unsafe condition, EASA issued EASA 

AD 2022–0240, dated December 6, 2022, 

to specify repetitive oil analyses and 


ddrumheller on DSK120RN23PROD with PROPOSALS1