If the only item that has changed from the prior recurring transfer disclosure is the exchange rate, Do we need to send a new disclosure for the upcoming Transfer?

If the receipt for the first recurring transfer or for a one-time transfer occurring five or more days after the receipt was given included an estimated exchange rate or any other estimate, you send an accurate receipt the day after the transfer is completed (or later, as permitted if the transfer is being funded by a charge to the consumer's account with you). [1005.36(a)(ii)

For subsequent recurring transfers in the series, Paragraph 1005.36(a)(2)(i) requires an updated receipt if any of the disclosures previously given (other than the expected date of availability in the foreign country or the dates of future transactions) has changed, unless it's allowed to be estimated under 1005.32. So, if the exchange rate is permitted to be given as an estimate under 1005.32, 36(a)(2)(i1) won't apply. If you cannot use an estimate, you have to provide the updated receipt before the transfer is completed.

Once the recurring transfer is made, however, you need to send an updated receipt with the actual exchange rate if it was set at the time of the transfer. This receipt has to go out by the next business day (or later, if funded from the consumer's account with you). (1005.36(a)(2)(ii))

John, in your opinion do banks need to provide a change in terms to its customer base if:

it restricts RT-1073 transfers to one time only, no recurring?

it raises its wire transfer fee from $10 to $15 when the new reg takes effect?

Appreciate your thoughts

Wire transfers are not electronic fund transfers subject to subpart A of the regulation, and wire transfer fees are not fees relating to electronic fund transfers. Therefore, there's no change in terms disclosure required.

As for recurring remittance transfers, if they are other than wire transfers they may qualify as electronic fund transfers. Bill-payment transactions, for example, could fit the definition of both an EFT and a remittance transfer. If you reduce the consumer's account to an EFT service by, for example, eliminating the ability to establish recurring bill payment transactions (or to restrict bill payment to U.S. addressees), it would be a triggering event for a change in terms disclosure.

Another question related to this - I was just speaking with the CFPB and they discussed agreement or consent by the sender/customer relating to these recurring transfers. She discussed relating to each transaciton or subsequent transfer. I do not remember reading this. Is there a consent requirement for recurring transafers, or for that matter, for remittance transfers? [I do not mean electronic consent relating to email disclosures]

Thank you

A follow-up:
If we have these recurring transfers and we assume we provide the required disclosures for the initial transfer, for subsequent transfers is there any requirement to provide any disclosure prior to the dat of subsequent transfers? I understand that if there is a change, such as the exchange rate, on the date of the transfer, we would provide the accurate receipt on or the next day after we process the wire.
My question goes more to any notice requirements prior to the date of the recurring transfers. As I understand it, if a fee such as our wire fee changes, we would be required to provide a disclosure with the updated fee prior to the date of the first recurring transfer it would affect. If there are no similar fee changes, I do not see that we would have to provide any notice or disclosure prior to the date of each transfer?

Thanks