CFPB Requests Information on the Remittance Transfer Rule
On April 25, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on the remittance transfer rule. The Dodd-Frank Act amended the Electronic Funds Transfers Act by creating consumer protections for remittance transfers, which went into effect in 2013. Remittance transfers are the electronic transfer of funds by a sender in any state to designated recipients located in foreign countries that are initiated by a remittance transfer provider, with the exception of small dollar transactions. The RFI seeks information on the statutory exception for certain financial institutions and the scope of coverage of the remittance transfer rule.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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