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Friday, September 28, 2012

CFPB Publishes List of Remittance Rule Safe-Harbor Countries

The CFPB has published a safe-harbor list of countries that qualify for an exception to one of the remittance rule’s requirements. The safe harbor permits the estimated disclosure of certain amounts in lieu of the rule’s required exact amounts in recipient countries where the laws don’t permit exact amounts to be determined, the CFPB explained.

The countries on the safe-harbor list are Aruba, Brazil, China, Ethiopia and Libya. The list is effective Feb. 7, 2013, and the CFPB will revise it as needed.

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