The CFPB recently released an updated Small Entity Compliance Guide and explanatory video on its international remittances rule to reflect the most recent substantive amendment (from May 22), which made two changes. First, the May 22 amendment made optional the requirement to disclose certain third-party fees and foreign taxes (provided that certain other disclosures are made). Second, it relieved institutions from the rule’s error resolution requirements when the error occurred because a customer provided an incorrect number for the recipient account or an incorrect identifier for the recipient financial institution.

The agency also released a new amendment making minor changes. The amendment clarifies an existing provision of the rule that allows institutions to deduct amounts for third-party fees and taxes (to the extent permitted by law) when refunding the amount of a remittance transfer that failed because the consumer provided an incorrect number for the recipient account or an incorrect identifier for the recipient financial institution. The amendment also corrects a numbering error in the rule’s official staff commentary.

The effective date for the rules remains October 28, 2013.