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Compliance

 

Regulation E Alert: New Requirements for Consumer Foreign Remittance Transfers - Deadline February 7, 2013 - Webinar

 

Tuesday, December 18, 2012

2:00 - 3:30 pm CST

 

Speaker: Deborah L. Crawford, gettechnical inc

 

About the Program
Many financial institutions think they are not covered by this bill. However, if you annually send 100+ transactions internationally, you may have to make changes before 2013.

 

The Consumer Financial Protection Bureau (CFPB) published this final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. The new protections were designed to significantly improve the predictability of remittance transfers and provide consumers with better information for comparison shopping.

 

First, the statute requires consistent, reliable disclosures about the price of a transfer, the currency amount to be delivered to the recipient, and the availability date. Consumers must receive pricing information before they make payment, and under the final rule will generally have 30 minutes after making a payment to cancel a transaction. Second, the new requirements increase consumer protections when transfers go awry by requiring providers to investigate disputes and remedy errors. Because the statute defines “remittance transfers” broadly, most electronic fund transfers sent by consumers in the United States to recipients in other countries will be subject to the new protections. This webinar will address the new regulation and the compliance measures required of financial institutions by February 7, 2013.



Related Files
Printable Brochure (Adobe PDF File)

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