On April 30th, the CFPB released a Final Rule, which revises some of the requirements contained in the previously released Remittance Transfer Rule under Regulation E. The Remittance Transfer Rule will take effect October 28, 2013.
This Final Rule makes the following changes to the requirements:
- Disclosing fees imposed by a recipient’s institution will be optional in some cases;
- Disclosing taxes collected by someone other than the Remittance Transfer Provider will be optional;
- Disclosures provided to Senders must indicate that the recipient may receive less than the total disclosed as a result of these fees and taxes; and,
- Error Resolution when a remittance transfer is not delivered as intended due to erroneous information provided by the Sender.
We will be taking a closer look at these changes and provide additional details prior to the effective date. If this Rule impacts your bank, you need to ensure you have a plan in place.
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!