ABA has posted a staff analysis of the Consumer International Wire Transfers Final Remittances Rule issued by the CFPB on April 30.
The CFPB recently modified the final remittance rule, incorporating several changes that ABA and other trade groups had requested. The modifications eliminate the requirement to disclose third-party fees and foreign taxes and cease holding institutions liable for a sender’s mistake when the sender provides an incorrect account number or incorrect bank identifier.
The new remittance rule will be effective October 28, 2013.
Read the ABA Staff Analysis.
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