Yesterday, the CFPB announced they are delaying the effective date of the Regulation E Remittance Transfer Rule. This rule was set to take effect on February 7, 2013. The CFPB is also proposing some additional changes to the final rule. These include:
- Situations in which a sender provides an incorrect account number to a remittance transfer provider. …The CFPB intends to propose that where the provider can demonstrate the consumer provider the incorrect information, the provider would be required to attempt to recover the funds but would not be liable for the fund if those efforts are unsuccessful.
- Disclosure of third party fees and foreign taxes. …The proposal would provide additional flexibility around these requirements, including by permitting providers to base fee disclosures on published bank fee schedules and by providing further guidance on foreign tax disclosures where certain variables may affect tax rates.
- Disclosure of regional and local taxes assessed in foreign countries. The CFPB also plans to propose that the obligation for provider to disclose foreign taxes imposed on remittance transfers is limited to taxes imposed at the national level, and does not encompass taxes that may be imposed by foreign, sub-national jurisdictions.
The proposed changes will be effective 90 days after a final rule is issued. The CFPB is anticipating this date to be sometime in the spring of 2013.
The CFPB really seems to be getting in to the holiday spirit. First, they gave us an early Thanksgiving gift by delaying the effective date of the integrated disclosures under TIL and RESPA and now we get this early Christmas present. Better enjoy it while it lasts!
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!