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From- NACHA Government Relations Digest 1 / 8 / 13 Remittance Transfers
On December 31, 2012, the CFPB published a proposed rule to further“ refine” its final rule published in August, to implement the statutory provisions in the Dodd-Frank Act that established a disclosure and error resolution regime for consumers who use“ remittance transfer providers” to send remittances to recipients located in a foreign country. The final rule in August was a follow-up rulemaking to the CFPB’ s final remittance transfer rule that was published in the Federal Register on February 7, 2012. In addition, the CFPB proposes to extend the effective date of the final rule( which had been scheduled for February 7, 2013), until 90 days after the proposal is finalized.
The proposal addresses three issues with the August final rule:( 1) It provides additional flexibility regarding the disclosure of foreign taxes and fees imposed by a designated recipient’ s institution for receiving a remittance transfer.( 2) It limits a remittance transfer provider’ s obligation to disclose foreign taxes to those imposed by a country’ s central government. And( 3) it revises the error resolution provisions that apply when a remittance transfer is not delivered to a designated recipient because the sender provided incorrect or insufficient information, and, in particular, when a sender provides an incorrect account number and that incorrect account number results in the funds being deposited in the wrong account.
While the CFPB has solicited comments on all aspects of the proposal, it noted that it will not“ reconsider the general need for— or the extent of— the protections that the general rule affords consumers.” in the proposed rule.
SWACHA will be exhibiting at the following conferences.
Please stop by and visit us.
April 3- 5 Texas Credit Union League Annual Meeting & Expo Hilton Austin, Austin, TX( Booth # 507)
May 8 – 9 Louisiana Bankers Association Annual Convention & Expo JW Marriott Las Vegas, Las Vegas, Nevada
May 23 – 24 New Mexico Bankers Association Annual Convention Sandia Resort & Casino, Albuquerque, NM
June 5 – 7 Credit Union Association of New Mexico Annual Meeting Sandia Resort & Casino, Albuquerque, NM
June 13 – 15 IBAT Leadership Conference Horseshoe Bay Marriott, Horseshoe Bay, TX
July 25 – July 28 Independent Community Bankers Association of New Mexico Sagebrush Inn & Conference Center, Taos,
New Mexico
Green Business is Good Business for All
April is PayItGreen Month April is PayItGreen Month. Business and consumers alike will be focusing on ways they can go greener in their personal and professional lives. Including a green message in your communications during April shows your support of green financial activities
July 31 – August 3 Louisiana Credit Union League Annual Meeting & Convention Sheraton New Orleans, New Orleans, LA
Sept. 5 – 7 Texas Credit Union League Leadership Conference Marriott River Center, San Antonio, TX( Booth # 321)
Sept. 22 – 24 IBAT Annual Convention Westin La Cantera Resort, San Antonio, TX
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