REMITTANCE RULES – SMALL BUSINESS GUIDE

On October 16th the Consumer Financial Protection Bureau (CFPB) published a small business compliance guide for the international electronic money transfers rule (also known as the remittance rule), which take effect on February 7, 2013. The guide is not a substitute for the rule, but it highlights issues that banks, in particular small banks and those that work with them, should consider while implementing the new requirements. Among other issues the guide addresses the exemption for banks that provide 100 or fewer remittances in a calendar year.

A copy of the guide is available here.

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