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 >
Tag Archives: remittance transfer
CFPB delays remittance transfer rule effective date
Posted in Remittance TransfersThe CFPB has issued a final rule delaying the effective date of the remittance transfer rule pending finalization of its December 2012 proposal to make changes in three areas. The effective date had been set for February 7, 2013. In addition to the substantive changes, the CFPB had proposed to delay the effective date until… More >
CFPB proposes changes to remittance transfer rule and delay in effective date
Posted in CFPB RulemakingThe CFPB has issued a proposal to make revisions to the remittance transfer rule and delay the rule’s effective date. The CFPB had announced its plans to make the proposal in a bulletin it issued in November. The proposal would delay the rule’s effective date, currently set for February 7, 2013, until 90 days after… More >
CFPB to delay remittance rule effective date and propose changes
Posted in CFPB RulemakingIn a bulletin issued today, the CFPB announced that, in December, it expects to issue a proposal to make changes to the remittance transfer rule and extend the rule’s effective date until 90 days after the proposal is finalized. The rule is currently set to take effect on February 7, 2013 and the CFPB expects… More >
CFPB issues remittance transfer rule compliance guide for small businesses
Posted in CFPB RulemakingThe CFPB has issued a Small Entity Compliance Guide to assist small businesses in complying with the remittance transfer rule. The final rule takes effect on February 7, 2013. The guide includes a summary of the remittance rule, information to assist a business in determining whether it will be subject to the rule, and details… More >
CFPB announces webinar on remittance rule and releases safe harbor countries list
Posted in CFPB RulemakingThe 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… More >
House members urge postponement of remittance rule
Posted in CFPB RulemakingThe CFPB’s decision to provide an exemption for institutions that conduct 100 or fewer remittance transfers per year in its recently-issued final supplementary remittance transfer rule has not abated concerns about the compliance costs facing institutions that provide remittance services. In an August 16 letter to CFPB Director Cordray, 32 House members urge the CFPB to… More >
Could remittance rule exemption signal more breaks for small business?
Posted in CFPB RulemakingWhen CFPB Director Cordray recently testified before Congress, he heard a great deal about the concerns small businesses have about the costs of complying with new CFPB rules. In a nod to those concerns, the final supplementary remittance transfer rule issued by the CFPB this week contains an exemption for institutions that conduct 100 or… More >
No “speed bump” for CFPB remittance transfer rule
Posted in CFPB RulemakingIt’s hard not to gasp at the CFPB’s estimate that the final remittance transfer rule will require more than 3.4 million employee hours to implement and an ongoing burden of nearly 4.3 million employee hours annually to comply. The rule, which represents the first example of substantive rulemaking by the CFPB, amends Regulation E (Electronic Fund… More >
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