CFPB Provides Guidance and Plans Outreach on Complying with Remittance Rule

October 5, 2012

On September 26, 2012, the Consumer Financial Protection Bureau (CFPB) posted information on its website regarding the rule to implement consumer protections created by the Dodd-Frank Act for certain electronic transfers for funds to other countries – the remittance rule – the rule goes into effect on February 7, 2013. Specifically, the CFPB is undertaking a number of efforts to help the industry understand and comply with the new requirements, including releasing a list of countries and other areas to which a particular exception to the rule’s disclosure requirements applies, hosting a webinar, answering specific questions, and releasing a small business guide.

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