The CFPB has released a “Remittance Rule Assessment Report.” The report was issued pursuant to Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct a review of a significant rule and publish an assessment report within five years of the rule’s effective date. The remittance report represents the first assessment report issued by the CFPB pursuant to Section 1022(d).… Continue Reading
The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers. … Continue Reading
On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e.… Continue Reading
The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances and to make several other changes and technical corrections to the rule. Absent the five year extension, the temporary exception would expire on July 21, 2015. … Continue Reading
The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The proposal also includes “several clarificatory amendments and technical corrections” to the rule and commentary.
The CFPB’s remittance transfer rule implements Section 1073 of Dodd-Frank, which amended the Electronic Fund Transfer Act to establish new requirements for remittance transfer providers. … Continue Reading
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 Compasspoint, who reached that conclusion based in part on a review of the CFPB’s consumer complaint database. … Continue Reading
We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market. Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. The proposal is based on the CFPB’s Dodd-Frank authority to supervise nonbank entities considered to be “a larger participant of a market for other consumer financial products or services.” … Continue Reading
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 email@example.com.
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 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