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Category Archives: Remittance Transfers

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CFPB finalizes rule to supervise larger participant international money transfer providers

Posted in CFPB Exams, Remittance Transfers

The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers.  The… More >

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

Posted in Remittance Transfers

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances.  The rule also includes “several clarifications and technical corrections” to the rule and commentary.  Additionally, the CFPB… More >

CFPB Issues Report on the Use of Remittance Histories in Credit Scoring

Posted in Credit Reports, Remittance Transfers

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic fund transfers made by… More >

CFPB extends comment period on proposal to extend depository institution exception and make other changes to remittance transfer rule

Posted in Remittance Transfers

The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances and to make several other changes and technical corrections to the rule.  Absent the five year extension, the… More >

CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

Posted in Remittance Transfers

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances.  The proposal also includes “several clarificatory amendments and technical corrections” to the rule and commentary.  The CFPB’s remittance transfer rule implements Section 1073… More >

Remittance transfer rule changes unlikely

Posted in Remittance Transfers

Industry should not expect to see any material changes to the CFPB’s remittance transfer rule, at least not between now and 2018 when the CFPB is required to review the rule. That’s the view of Isaac Boltansky of Compasspoint, who reached that conclusion based in part on a review of the CFPB’s consumer complaint database. … More >

CFPB issues proposal to supervise “larger participant” international money transfer providers

Posted in CFPB Exams, Remittance Transfers

We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market.  Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  The proposal is based on the… More >

CFPB to hold webinar on remittance transfer rule

Posted in Remittance Transfers

The CFPB has announced that it will be conducting a webinar on the remittance transfer rule on Thursday, November 14, 2013  from 2:30 to 3:30 p.m. ET.  Instructions for joining the webinar can be obtained by contacting the CFPB at financialeducation@cfpb.gov.  On November 22, 2013, Ballard Spahr will be conducting a webinar entitled “Getting Wired for Consumer Wire… More >

CFPB launches remittance transfer rule multimedia campaign

Posted in Remittance Transfers

The CFPB’ s new remittance transfer rule became effective on October 28 and to mark the occasion, the CFPB announced the launch of a nationwide multimedia campaign directed at consumers.  The campaign includes the CFPB’s provision of posters and other printed materials to community groups, immigrant organizations, consulates, and other government agencies.  Those materials include a… More >

CFPB issues examination procedures for remittance transfers

Posted in Remittance Transfers

The Bureau has updated its examination manual with procedures to be followed when examining institutions that make remittance transfers for consumers. A remittance transfer is a wire transfer sent by a consumer in the United States to a beneficiary in another country. In response to amendments made by Dodd-Frank to the Electronic Funds Transfer Act, the… More >

CFPB updates remittance rule small business guide and makes “clarificatory” amendment and technical correction to rule

Posted in Remittance Transfers

The CFPB has updated its small business guide on the remittance transfer rule to reflect the changes to the rule that were made this past May dealing with the scope of the error resolution procedures, disclosure of recipient institution fees and disclosure of foreign taxes or other third-party taxes.  (For a summary of the changes,… More >

CFPB finalizes revisions to remittances rule and sets October 28 effective date

Posted in Remittance Transfers

Despite the urging of many industry commenters that it eliminate altogether the requirement for remittance transfer providers to disclose recipient institution fees, the CFPB chose not to go that far in the revisions to its remittance transfers rule that it finalized last week.  However, the revised final rule does recognize some business realities and restricts… More >

CFPB complaint system now taking money transfer complaints

Posted in CFPB General, Remittance Transfers

The CFPB announced yesterday that it is now accepting complaints about money transfers.  Last week, the CFPB announced it had expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category includes complaints about auto loans and leases). The database was previously limited… More >