Remittance Transfer Rule

News & Analysis as of

Financial Services Bulletin: Action At The Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Proposes Rule to Oversee Larger Nonbank International Money Transfer Providers - On Thursday, January 23, 2014, the Consumer Financial Protection Bureau (the "CFPB") proposed a rule...more

FFIEC Revises Items to Be Reported on Call Reports; Items Include Remittances and Websites Soliciting Deposits

On January 24, the Federal Financial Institutions Examination Council (FFIEC) announced that it has approved several revisions to the Consolidated Reports of Condition and Income (Call Report) for implementation as of March...more

CFPB Proposes To Supervise Larger Nonbank International Money Transmitters

On January 23, the CFPB proposed a rule that would allow the agency to supervise nonbank “larger participants” in the international money transfer market. The proposed rule defines “larger participant” to include any entity...more

Remittance transfer rule changes unlikely

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...more

Dodd-Frank News: November 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more

CFPB’s Remittance Transfer Rule

The Consumer Financial Protection Bureau’s (“CFPB”) Remittance Transfer Rule, also known as Regulation E, became effective on October 28, 2013. The Rule established the basic rights, liabilities, and responsibilities of...more

CFPB launches remittance transfer rule multimedia campaign

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...more

CFPB Releases Examination Procedures for Remittance Transfer Rule

The CFPB issued examination procedures to incorporate the remittance transfer rule finalized and amended several times. The focus of the examination procedures reportedly will be in 3 areas: (1) providing required disclosures...more

CFPB Releases Money Transfer Exam Procedures, Launches New e-Regulations Tool

On October 22, the CFPB released the procedures its examiners will use in assessing financial institutions’ compliance with the remittance transfer requirements of Regulation E. Amendments to those regulations, finalized by...more

CFPB issues examination procedures for remittance transfers

The Bureau has updated its examination manual with procedures to be followed when examining institutions that make remittance transfers for consumers. A remittance transfer is a wire transfer sent by a consumer in the United...more

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

CFPB updates remittance rule small business guide and makes “clarificatory” amendment and technical correction to rule

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...more

CFPB Updates Remittance Rule Resources

On August 8, the CFPB released an updated small business guide for the remittance transfer rule it finalized last year and revised in May 2013....more

CFPB Issues Revised Remittance Transfer Rule

On April 30, the CFPB issued a revised final rule to amend regulations applicable to consumer remittance transfers of over fifteen dollars originating in the United States and sent internationally. ...more

CFPB Finalizes Revisions to Remittances Rule, Sets October 28 Effective Date

The Consumer Financial Protection Bureau has finalized revisions to its remittance transfers rule and set October 28, 2013, as the rule’s new effective date. While not entirely eliminating the requirement for remittance...more

CFPB finalizes revisions to remittances rule and sets October 28 effective date

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...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

CFPB Delays Remittance Rule

The Consumer Financial Protection Bureau (Bureau) announced on January 22 that it is issuing a final rule to delay the February 7, 2013, effective date of final rules published by the Bureau on February 7, 2012, and August...more

Corporate and Financial Weekly Digest - February 1, 2013

In this issue: - SEC Extends Expiration Date for Interim Final Rules Providing Exemptions for Security-Based Swaps - NFA Sets Implementation Deadline for Phase 1 of Customer Segregated Funds Reporting - CFTC to...more

CFPB Delays Remittance Rule Effective Date

On January 22, the CFPB announced that the effective date for its international remittance transfer rule, originally set for February 7, 2013, is delayed, and that a new effective date will be announced later this year. ...more

CFPB delays remittance transfer rule effective date

The CFPB has issued a final rule delaying the effective date of the remittance transfer rule pending finalization of its December 2012 proposal to make changes in three areas....more

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more

CFPB Proposed Amendment to Rule on Remittance Transfers

On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers....more

CFPB Proposes Revisions to Remittance Rule

The Consumer Financial Protection Bureau (CFPB or Bureau) on December 21 issued proposed revisions to a rule that creates certain protections for consumers who transfer money internationally. The proposed revisions, according...more

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