CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has announced that it will be conducting a webinar on the remittance transfer rule on Thursday, November 14, 2013 from 2:30 to 3:30 p.m. ET. Instructions for joining the webinar can be obtained by contacting the CFPB at financialeducation@cfpb.gov.
On November 22, 2013, Ballard Spahr will be conducting a webinar entitled “Getting Wired for Consumer Wire Transfers: Complying with the CFPB’s Remittance Transfer Rule.” … Continue Reading
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 CFPB’s provision of posters and other printed materials to community groups, immigrant organizations, consulates, and other government agencies. … Continue Reading
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 States to a beneficiary in another country. In response to amendments made by Dodd-Frank to the Electronic Funds Transfer Act, the CFPB assumed authority over what had been the Federal Reserve’s Regulation E (as applied to consumers) and restated that regulation along with additional provisions to implement the new consumer protections for remittance transfers.… Continue Reading
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 institution fees and disclosure of foreign taxes or other third-party taxes. (For a summary of the changes, see our legal alert.) … Continue Reading
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 remittance transfers rule that it finalized last week. However, the revised final rule does recognize some business realities and restricts the scope of the disclosure requirement and makes other favorable changes. … Continue Reading
The CFPB announced yesterday that it is now accepting complaints about money transfers. Last week, the CFPB announced it had expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category includes complaints about auto loans and leases).… Continue Reading
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. The effective date had been set for February 7, 2013. In addition to the substantive changes, the CFPB had proposed to delay the effective date until 90 days after the changes are finalized.… Continue Reading
