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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.
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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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A Summary of the Final Remittance Transfer Rule (Section 1073)
A Summary of the Final Remittance Transfer Rule (Section 1073) Azba Habib, Associate Counsel Legal Department Federal Reserve Bank of Atlanta May 2013 I. Background On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was signed into law. Section 1073 of the Dodd-Frank Act creates new
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CFPB finalizes amendments to remittance rule | Consumer ...
The CFPB has issued a final rule amending its remittance rule. The final rule is effective July 21, 2020. The key amendments consist of the following: Safe harbor threshold. Currently, the rule’s safe harbor threshold removes from the rule’s coverage an entity that provided 100 or fewer remittance transfers in the previous calendar year and provides 100 or fewer remittance transfers in the ...
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Electronic Fund Transfers (Regulation E); Amendments ...
In May 2020, the Bureau issued a final rule amending the Remittance Rule. The final rule added certain exceptions to the Remittance Rule and made changes to a safe harbor in the Remittance Rule that determined which entities were remittance transfer providers. This rule has a separate Final Rule webpage.
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CFPB: 2014 International Remittance Transfers Proposed Rule
Executive Summary • The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule to modify its international remittance transfers rule. The proposal would extend for an additional five years a temporary provision that permits federally-insured credit unions and other depository institutions to estimate certain pricing ...
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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
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An Overview of the Regulation E Requirements for Foreign ...
On November 22, 2016, the CFPB issued a final rule under Regulation E on prepaid accounts, which also made minor changes to the foreign remittance transfer rule that CFPB stated are intended to continue the current application of those rules to prepaid products. 81 Fed. Reg. 83,934 (November 22, 2016).
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Remittance transfer rule factsheet
Remittance transfer rule factsheet . Information to help you understand and explain new rules on remittance transfers What is a remittance transfer? Many people use the word “remittance” when they refer to sending money from the United States to other countries. Remittance transfers are commonly known as “international wires,”
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Federal Register :: Request for Information Regarding ...
The Bureau is concerned about the Rule's effects on certain remittance transfer providers that account for a small number of remittance transfers overall but nonetheless fall within the Rule's coverage because the number of remittance transfers they provide exceed Start Printed Page 17973 100 transfers a year, and thus, are not able to use the ...
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