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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.
Texas Credit Union League Annual Meeting & Expo April 3- 5 Hilton Austin, Austin, TX( Booth # 507)
Louisiana Bankers Association Annual Convention & Expo May 8 – 9 JW Marriott Las Vegas, Las Vegas, Nevada
New Mexico Bankers Association Annual Convention May 23 – 24 Sandia Resort & Casino, Albuquerque, NM Credit Union Association of New Mexico Annual Meeting June 5 – 7 Sandia Resort & Casino, Albuquerque, NM
IBAT Leadership Conference June 13 – 15 Horseshoe Bay Marriott, Horseshoe Bay, TX
Independent Community Bankers Association of New Mexico July 25 – July 28 Sagebrush Inn & Conference Center, Taos,
New Mexico
Louisiana Credit Union League Annual Meeting & Convention July 31 – August 3 Sheraton New Orleans, New Orleans, LA
Texas Credit Union League Leadership Conference Sept. 5 – 7 Marriott River Center, San Antonio, TX
( Booth # 321)
IBAT Annual Convention Sept. 22 – 24 Westin La Cantera Resort, San Antonio, TX
February 25- March 2, 2013 t
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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 2