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Remittance Transfers under the Electronic Fund Transfer ...
The Bureau of Consumer Financial Protection’s (Bureau) remittance rule in Regulation E (Remittance Rule or Rule) implements these protections. The Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers.
DA: 64 PA: 3 MOZ Rank: 77
CFPB’s remittance rule exception needs a reboot | American ...
Initially, the bureau set the exception to expire in July 2015. The bureau later extended the temporary exception to July 2020, the latest date allowed under Dodd-Frank. The bureau's recent assessment shows that banks rely on the exception for a limited but persistent portion of their remittances.
DA: 61 PA: 76 MOZ Rank: 17
Remittance transfers | Consumer Financial Protection Bureau
Featured topic. On May 11, 2020, the Bureau issued a final rule amending the Remittance Transfer Rule. The Bureau has also provided an executive summary of the final rule and an unofficial redline showing the changes that the final rule makes to the Remittance Transfer Rule. The Bureau has also published updates to the small entity compliance guide to address the revised requirements to the ...
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CFPB extends remittance transfer rule depository ...
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.
DA: 83 PA: 86 MOZ Rank: 66
Remittance Transfer Rule - Compliance Services Group
On May 11, the CFPB issued its Final Rule on Regulation E’s remittance transfers requirements, effective July 21, 2020. In advance of the expiration of a statutory exception in July 2020, the Final Rule amendments allow financial institutions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet certain conditions.
DA: 11 PA: 38 MOZ Rank: 1
CFPB seeks information on possible changes to remittance ...
The CFPB has published a notice and request for comments seeking information to inform its consideration of possible changes to its rule on remittance transfers. Comments are due by June 28, 2019. The RFI sets forth a series of questions related to the following topics: Expiration of the temporary exception.
DA: 55 PA: 71 MOZ Rank: 29
CFPB remittance rule final; includes ‘tailored’ exceptions ...
The final rule takes effect July 21, when the statutory exception on the above-noted cost disclosures expires. The remittance rule implements provisions of the Electronic Fund Transfer Act (EFTA) and is included in the bureau’s EFTA implementing rule, Regulation E.
DA: 19 PA: 1 MOZ Rank: 84
CFPB Amends the Remittance Rule to Raise Safe Harbor ...
The Consumer Financial Protection Bureau (“CFPB”) has amended the international remittance transfer rule (the “Remittance Rule”) to increase the normal course of business safe harbor threshold from 100 remittance transfers to 500 remittance transfers annually
DA: 51 PA: 12 MOZ Rank: 25
Summary of the final remittance transfer rule (amendment ...
Summary of the final remittance transfer rule (amendment to Regulation E) The Consumer Financial Protection Bureau has issued rules to protect consumers who send money electronically to foreign countries. These transactions are called “remittance transfers.” The new rules take effect on October 28, 2013.
DA: 80 PA: 80 MOZ Rank: 11
CFPB issues final remittance rule extending safe harbor ...
Specifically, the Final Rule adopts a new, permanent exception that permits insured institutions to estimate the exchange rate for a remittance transfer to a particular country if, among other things, the remittance payment is made in the local currency of the designated recipient’s country and the insured institution processing the ...
DA: 96 PA: 44 MOZ Rank: 58