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THE LATEST REMITTANCE RULE CHANGES

On August 7, 2013 the CFPB published final rule that amends a May 22, 2013 Final Rule which along with three other final rules implements the Electronic Fund Transfer Act’s provisions regarding remittance transfers. The August 7, 2013 Final Rule makes a clarificatory amendment and technical correction to the May 22, 2013 Final Rule. First, the rule makes a clarificatory amendment to § 1005.33(c)(2)(iii). That section sets forth the remedies for errors that occur because […]

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CFPB PUBLISHES REVISED REMITTANCE RULE

The Consumer Financial Protection Bureau (CFPB) recently published what will hopefully be the final revisions to its remittance rules. The final revised rule will take effect on October 28, 2013. The remittance rules create a comprehensive consumer protection regime for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. Under the remittance rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as […]

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