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CFPB Releases Final Amendments to Remittance Rule – IBA Compliance Connection

CFPB Releases Final Amendments to Remittance Rule

Last week, the CFPB released a final rule amending its new remittance rule, which regulates international money transfers. The amended rule eases some of the original rule's requirements. Providers of international remittances will not have to disclose foreign taxes or fees charged by recipient institutions, and they will not be held liable for a sender's losses if the sender provides the wrong account number for the transfer. As amended, the rule will not go into effect until October 28, 2013.