Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Tuesday, November 27, 2012

CFPB Intends to Delay Remittance Rule

The CFPB has issued a bulletin explaining the agency intends to propose certain limited adjustment to its rule on international money transfers and an extension of the rule’s effective data.

From the CFPB’s blog:
Some regulated entities identified issues that pose practical challenges in implementing the new law. To address these issues, next month we will propose a narrow set of changes to the remittance rule.

The proposed changes will address what should happen if a consumer provides an incorrect account number for a transfer and how remittance providers must disclose certain third-party fees and foreign taxes.

We expect to propose extending the effective date of the rule until 90 days after we issue a final rule on these issues because we recognize that remittance providers may need time to make sure they’re in compliance with the rule. We’re expecting the new implementation date to be during spring 2013.
Read more.

No comments:

Post a Comment

Please read our comment policy before making a comment.