Banker's Compliance Consulting Blog

Remittance Transfer Rule Finalized with Revised Effective

Written by Diane Dean | Jun 26, 2013 12:29:01 PM

On April 30th, the CFPB released a Final Rule, which revises some of the requirements contained in the previously released Remittance Transfer Rule under Regulation E.  The Remittance Transfer Rule will take effect October 28, 2013.

This Final Rule makes the following changes to the requirements:

  • Disclosing fees imposed by a recipient’s institution will be optional in some cases;
  • Disclosing taxes collected by someone other than the Remittance Transfer Provider will be optional;
  • Disclosures provided to Senders must indicate that the recipient may receive less than the total disclosed as a result of these fees and taxes; and,
  • Error Resolution when a remittance transfer is not delivered as intended due to erroneous information provided by the Sender.

We will be taking a closer look at these changes and provide additional details prior to the effective date.  If this Rule impacts your bank, you need to ensure you have a plan in place.

Published
2013/06/26
Diane Dean