OCC Issues Supplemental Exam Procedures on Remittance Transfers
The OCC this week issued supplemental exam procedures on remittance transfers.
Browsing: Remittances
When Can My Bank Cease Compliance with the Remittance Transfer Rule?
. . . and other questions from the ABA Regulatory Policy and Compliance Inbox for November/December 2020.
Fed, FinCEN Propose to Lower Reporting Threshold for Funds Transfers
The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
CFPB Finalizes ABA-Advocated Changes to Remittance Rule
The Consumer Financial Protection Bureau today finalized several American Bankers Association-advocated changes to the remittance rule, including one that will permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customer about the cost of remittance transfers.
CFPB Provides Remittance Rule Relief Through 2020
As part of its policy response to the coronavirus pandemic, the Consumer Financial Protection Bureau today said it would provide relief to depository institutions after the scheduled July 20 expiration of a key exception in its remittance rule.
ABA Supports Proposed Changes to Remittance Rule
In a joint comment letter with the Clearing House and the Consumer Bankers Association yesterday, the American Bankers Association and its subsidiary BAFT offered support for proposed changes to the Consumer Financial Protection Bureau’s remittance rule.
CFPB Issues Proposal to Extend Critical Remittance Rule Exception
The Consumer Financial Protection Bureau today proposed an American Bankers Association-advocated change to its remittance rule that would permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customers.
CFPB Updates Rulemaking Agenda
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.
GOP Lawmakers Urge CFPB to Extend Critical Remittance Rule Exception
With a key exception of the Consumer Financial Protection Bureau’s remittance rule set to expire in July 2020, a group of Republican lawmakers wrote to CFPB Director Kathy Kraninger today urging the bureau to “take every available step” to ensure that consumers may continue to access remittance services.
ABA Offers Feedback on Changes to CFPB Remittance Rule
In response to a recent request for information, the American Bankers Association on Friday filed two comment letters offering feedback to the CFPB on potential changes to its remittance rule.