As international regulators work to enhance cross-border payments, the World Bank and the International Monetary Fund today proposed a framework for conducting risk assessments of various remittance corridors, with the ultimate goal of developing “safe remittance corridors.”
The CFPB today issued a “Supervisory Highlights” report focusing on examiner observations of several financial products conducted between January and June of 2021.
The OCC this week issued supplemental exam procedures on remittance transfers.
. . . and other questions from the ABA Regulatory Policy and Compliance Inbox for November/December 2020.
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.
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.
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.
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.
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.
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.