It’s here! Last week the CFPB issued the new final version of the remittance transfer rule. The final rule, which was originally supposed to be effective in February, has now been re-issued. The CFPB has given financial institutions additional time to comply with the rule so the new effective date is October 28, 2013.
This second final rule clarifies what fees the provider must disclose. The final rule also states that a provider does not need to disclose the specific fees imposed by foreign taxes or by a recipient institution for receiving the transfers (assuming the institution is not the provider’s agent). However, if applicable, the provider must issue a disclaimer stating that these fees may apply. The final rule also clarifies how to handle errors due to incorrect information.
Click here to read the final rule. I promise this is my last blog on remittance transfers….for a while at least!