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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 .
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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
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Sept . 22 – 24 IBAT Annual Convention Westin La Cantera Resort , San Antonio , TX
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