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Wednesday, May 1, 2013

CFPB Modifies Remittance Rule with ABA-Suggested Changes

The CFPB has modified its final remittance rule, incorporating several changes that ABA and other trade groups requested in a January comment letter.

The CFPB responded to ABA concerns by, among other things, extending the rule's compliance deadline by 180 days to October 28 -- twice the length of the originally proposed deadline. It also reduced institutions’ liability for losses due to sender’s errors.

In addition, the CFPB made optional in certain circumstances the sending bank’s requirement to disclose fees that a recipient’s financial institution may charge. It also made it optional for the sending bank to disclose how much tax might be deducted before the funds reach the recipient. In place of these disclosures, the CFPB required a simple disclaimer that foreign taxes and recipient bank fees may apply.

Read the rule.
Read ABA’s comment letter.





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