Written by JiJi Bahhur, Director of Regulatory Compliance
Remittance Rule Safe Harbor List. Yesterday, the CFPB published a notice of the current safe harbor list of countries that qualify for an exception in the remittance rule. The list, effective concurrently with the final remittance rule on October 28, 2013, remains unchanged from the initial release on September 26, 2012.
To provide some background, the final remittance rule generally requires remittance transfer providers to give consumers sending remittance transfers certain specified disclosures, including the applicable exchange rate, any fees imposed and taxes collected by the provider, and covered third-party fees. The safe harbor list provides an exception: it permits estimates of certain disclosures when a remittance transfer provider cannot determine the exact amounts it must disclose at the time the disclosures are required because the laws of the recipient country do not permit such determinations.
The list currently contains the following countries: Aruba, Brazil, China, Ethiopia, and Libya. The CFPB intends to revise the list periodically; however, none of the countries currently listed will be removed from the list prior to July 1, 2014.
November Compliance Monitor. The November 2013 NAFCU Compliance Monitor is now available for download by NAFCU members. This month's articles are on Mortgage Servicing: Error Resolution & Information Request Procedures and the NCUA Common Bond Advertising Requirements. And, of course,
the latest Compliance Calendar is also available.
NAFCU Video. Ever wonder who you’re speaking with when you call in to NAFCU? Or even who is behind these crazy blog postings? Well wonder no more! Meet the folks that provide you with Extreme Member Services every day. This video will definitely make your Wednesday!