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Tag Archives: remittance transfer

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  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 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 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  The CFPB also released a “Remittance Rule Safe Harbor Countries List.”   The… More >

House members urge postponement of remittance rule

Posted in CFPB Rulemaking

The 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 >

No “speed bump” for CFPB remittance transfer rule

Posted in CFPB Rulemaking

It’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 >