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GAO-13-171R 1 (2012-11-14)

handle is hein.gao/gaobadpeb0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-324077 November 14, 2012 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Electronic Fund Transfers (Regulation E) Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (Bureau), entitled Electronic Fund Transfers (Regulation E) (RIN: 3170-AA15). We received the rule on October 31, 2012. It was published in the Federal Register as a final rule; official interpretation on February 7, 2012. 77 Fed. Reg. 6194. The final rule amends Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. The final rule modifies a final rule published in February 2012 implementing section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The final rule adopts a safe harbor with respect to the phrase normal course of business in the definition of remittance transfer provider, which determines whether a person is covered by the rule. The final rule also revises several aspects of the February 2012 final rule regarding remittance transfers that are scheduled before the date of transfer, including preauthorized remittance transfers. The final rule states that it will become effective February 7, 2013. Enclosed is our assessment of the Bureau's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our GAO-1 3-171R

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