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.
Author: Federal Reserve Bank of San Francisco
Date of Publication: October 5, 2012
Last Updated: October 5, 2012