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CFPB announces webinar on remittance rule and releases safe harbor countries list

Posted in CFPB Rulemaking

The CFPB has announced that it will be holding a webinar on its remittance transfer rule on October 16 at 2:30 p.m. ET.  The rule becomes effective on February 7, 2013.  The CFPB has requested persons interested in attending to RSVP at CFPB_RemittanceRule@cfpb.gov

The CFPB also released a “Remittance Rule Safe Harbor Countries List.”   The document contains a list of the countries that qualify for an exception in the remittance rule that allows an estimated disclosure of certain amounts instead of the disclosure of an exact amount where the laws of the recipient country do not permit a determination of the exact amount.  Related information about the countries list is also included in the document.   

The CFPB stated that it will also be releasing a small business compliance guide to assist smaller entities in complying with the remittance rule.