CFPB Updates Remittance Transfer Rule Resources
On August 8, 2013, the Consumer Financial Protection Bureau (CFPB) released updates to their Remittance Transfer Rule resources. Specifically, the CFPB released an updated small entity compliance guide, which is designed to provide an easy-to-use summary of the Remittance Transfer Rule. The update includes the revised requirements concerning the disclosure of institution fees and foreign taxes and procedures that apply to errors that result from a consumer providing incorrect account information.
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