[Federal Register Volume 77, Number 132 (Tuesday, July 10, 2012)]
[Rules and Regulations]
[Pages 40459-40478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-16245]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 77, No. 132 / Tuesday, July 10, 2012 / Rules
and Regulations
[[Page 40459]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1005
[Docket No. CFPB-2011-0009]
RIN 3170-AA15
Electronic Fund Transfers (Regulation E); Correction
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Final rule; official interpretation; correction.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is
correcting a final rule with an official interpretation (Final Rule)
that appeared in the Federal Register of February 7, 2012. The Final
Rule provides new protections, including disclosures and error
resolution and cancellation rights, to consumers who send remittance
transfers to other consumers or businesses in a foreign country. The
Final Rule inadvertently did not reflect certain technical and
conforming changes made by the interim final rule published on December
27, 2011. The Final Rule also contained a technical error in the
formatting of certain model forms. This document corrects the error and
the formatting of the model forms.
DATES: These corrections are effective February 7, 2013.
FOR FURTHER INFORMATION CONTACT: Stephen Shin or Krista Ayoub, Senior
Counsels, Division of Research, Markets, and Regulations, Bureau of
Consumer Financial Protection, 1700 G Street NW., Washington, DC 20552,
at (202) 435-7000.
SUPPLEMENTARY INFORMATION:
I. Overview
On Tuesday, February 7, 2012, the Bureau published the Final Rule
(77 FR 6194), which implements the Electronic Fund Transfer Act, and
the official interpretation to the regulation, which interprets the
requirements of Regulation E. The Final Rule provides new protections,
including disclosures and error resolution and cancellation rights, to
consumers who send remittance transfers to other consumers or
businesses in a foreign country. The amendments implement statutory
requirements set forth in the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
The Final Rule inadvertently did not reflect certain technical and
conforming changes made to Sec. 1005.3(a) in the interim final rule
published on December 27, 2011 (76 FR 81020). The interim final rule
substantially duplicated the Board of Governors of the Federal Reserve
System's Regulation E, and made only certain non-substantive,
technical, and stylistic changes necessary to reflect the transfer of
authority to the Bureau. This correction will remove the amendment the
Final Rule made to Sec. 1005.3(a) of the interim final rule.
The Final Rule also contained a technical error in the formatting
of certain model forms. Instead of each form being published on
separate pages, certain forms were published in the standard three-
column format. To correct this error, this document republishes the
model forms as full-page versions.
II. Basis for the Corrections
The Bureau is publishing this technical correction as a final rule
that will be effective on the same date as the Final Rule. The Bureau
finds that there is good cause to publish this Final Rule without
seeking public comment. See 5 U.S.C. 553(b)(B). Public comment is
unnecessary because the rule corrects inadvertent, technical errors
about which there is minimal, if any, basis for substantive
disagreement. In addition, the Final Rule restores changes made to
Sec. 1005.3(a) in the interim final rule, Electronic Fund Transfers
(Regulation E), published on December 27, 2011 (76 FR 81020) for which
the Bureau found good cause to conclude that providing notice and
opportunity for comment would have been unnecessary and contrary to the
public interest but for which the Bureau nevertheless requested public
comment.
In FR Doc. 2012-1728 appearing on page 6194 in the Federal Register
on Tuesday, February 7, 2012, the following corrections are made:
0
1. On page 6285, in the second column, in Subpart A, Sec. 1005.3(a) is
corrected to read as follows:
Sec. 1005.3 Coverage.
(a) General. This part applies to any electronic fund transfer that
authorizes a financial institution to debit or credit a consumer's
account. Generally, this part applies to financial institutions. For
purposes of Sec. Sec. 1005.3(b)(2) and (3), 1005.10(b), (d), and (e),
1005.13, and 1005.20, this part applies to any person, other than a
person excluded from coverage of this part by section 1029 of the
Consumer Financial Protection Act of 2010, Title X of the Dodd-Frank
Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124
Stat. 1376. The requirements of subpart B apply to remittance transfer
providers.
* * * * *
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2. On page 6290 through 6297, in Appendix A to Part 1005, Model Forms
A-30 through A-41 are corrected to read as follows:
Appendix A to Part 1005--Model Disclosure Clauses and Forms
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Dated: June 26, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2012-16245 Filed 7-9-12; 8:45 am]
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