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Wednesday, November 21, 2012

FHLB of New York to End International Wire Transfers due to CFPB Rules

The Federal Home Loan Bank of New York announced today that, as a result of the uncertainty posed by provisions of the Dodd-Frank Act and rules promulgated by the CFPB, it plans to stop processing international wire transfers for its members on December 31, 2012.

Alfred A. DelliBovi, president and CEO of the Bank made a statement:
We pride ourselves in being an advances bank for our members…International third-party wire transfers are a non-core service we have offered for member lenders in our district. With the looming regulatory hurdles being placed on this service, we have concluded that it is prudent for the Bank to no longer offer this service at year-end.
Read the Bank’s press release.

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