CFPB, Federal Agencies, State Agencies, and Attorneys General
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
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 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
The CFPB has issued a proposal to make revisions to the remittance transfer rule and delay the rule’s effective date. The CFPB had announced its plans to make the proposal in a bulletin it issued in November. The proposal would delay the rule’s effective date, currently set for February 7, 2013, until 90 days after the proposal is finalized. … Continue Reading
In a bulletin issued today, the CFPB announced that, in December, it expects to issue a proposal to make changes to the remittance transfer rule and extend the rule’s effective date until 90 days after the proposal is finalized. The rule is currently set to take effect on February 7, 2013 and the CFPB expects the new effective date will be “sometime during the spring of 2013.”… Continue Reading
The CFPB has issued a Small Entity Compliance Guide to assist small businesses in complying with the remittance transfer rule. The final rule takes effect on February 7, 2013. The guide includes a summary of the remittance rule, information to assist a business in determining whether it will be subject to the rule, and details on the rule’s requirements.… Continue Reading
The CFPB has announced that it will be holding a webinar on its remittance transfer rule on October 16 at 2:30 p.m. ET. The rule becomes effective on February 7, 2013. The CFPB has requested persons interested in attending to RSVP at CFPB_RemittanceRule@cfpb.gov.
The CFPB also released a “Remittance Rule Safe Harbor Countries List.” … Continue Reading
The CFPB’s decision to provide an exemption for institutions that conduct 100 or fewer remittance transfers per year in its recently-issued final supplementary remittance transfer rule has not abated concerns about the compliance costs facing institutions that provide remittance services.
In an August 16 letter to CFPB Director Cordray, 32 House members urge the CFPB to delay the effective date of the remittance rule (now set for February 7, 2013) by two years until February 2015.… Continue Reading
When CFPB Director Cordray recently testified before Congress, he heard a great deal about the concerns small businesses have about the costs of complying with new CFPB rules. In a nod to those concerns, the final supplementary remittance transfer rule issued by the CFPB this week contains an exemption for institutions that conduct 100 or fewer remittance transfers per year. … Continue Reading
