CFPB Guide on International Fund Transfers

The CFPB released an informal guidance regarding the pending remittance transfer requirements. Section of 1073 of the Dodd-Frank Act expanded the scope of the Electronic Fund Transfer Act's requirements for certain international fund transfers - transactions referred to as "remittance transfers." The Dodd-Frank Act required the CFPB to issue rules to implement Section 1073's provisions regarding certain disclosures, and cancellation and error resolution procedures. These regulations were published February 7, 2012 (along with model forms and official staff commentary), and additional safe harbor provisions were adopted August 20, 2012. Compliance is mandatory on February 7, 2013.

The informal guidance is intended to help determine whether the transfers a business or individual sends is regulated by this rule and provides an overview of compliance obligations.

See: International Fund Transfers: Small Entity Compliance Guide (links externally to CFPB website).