Banks and other businesses that help consumers send money overseas have about eight months to go before they’ll have to comply with the CFPB’s new regulations on international remittances. And anyone who lives in the money transfer chain will face repercussions as U.S. players shift to the new regs. The CFPB published its final remittance rule on February 7, 2012, a rule that amends Regulation E, and will go into effect on February 7, 2013. Senders under the new rules must get specific transaction disclosures and error resolution dispute rights as well as the right to cancel transactions. The new rules aren’t the result of the CFPB just acting on its own—they are mandated by Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
With the clock ticking now is the time to plan on complying with the rules and figuring out the impact on your business. To learn more, sign on to PYMNTS.com’s “Dodd-Frank 1073” webinar on the CFPB’s remittance rules. MPD Founder and CFPB expert David Evans will be moderating a discussion of four of the country’s leading experts on the topic. For more details and to sign up click here.