Remittance Transfer Resources from the CFPB

Written by Michael Coleman, Regulatory Compliance Counsel

The Consumer Financial Protection Bureau (CFPB) recently released some additional resources for the remittance transfer final rule. If you are like me and have been deep diving into these final rules trying to figure out all the various intricacies and nuances, you might have employed Steve’s stress reduction kit (I know I have), so any compliance resource is most welcome.

Last week the CFPB released, via this blog post, a few resources that should help you in your efforts to get your compliance solution in place before the October 28^th effective date of the final rule, including:

• an updated small entity compliance guide;
• an updated video/webinar on the final rule(s); and
• a consolidated (unofficial) copy of the regulatory text and official commentary from the various final rules.

The rulemaking process for the remittance transfer final rule has been complicated and confusing to keep up with (which we have mentioned several times) as the CFPB has issued several final rules amending the text of the regulations and the commentary. Note that the updated small entity compliance guide and the updated video are replacing previously released versions, which the CFPB has stated are outdated and should not be relied upon.

The consolidated regulatory text should be a great benefit for compliance officers when they are researching the remittance rule, and I am glad that the CFPB took a page out of NAFCU’s handbook (we created our own consolidated version of the regulatory text and the commentary back in June). Fingers crossed for consolidated versions of the mortgage final rules! 

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NAFCU On-Demand Webcasts. NAFCU has hosted two webcasts this year on the remittance transfer final rules, both of which were presented by Mary Lou Heighes. In case you missed them live, they are both available on-demand for purchase:

• The CFPB's International Remittance Transfer Disclosure Rules  (originally aired January 24, 2013; available on-demand until January 24, 2014)
• Comply with the CFPB's International Remittance Rules (originally aired July 16, 2013; available on-demand until July 16, 2014)

As always, NAFCU's On-Demand webcasts are open to everyone. And, remember that you (or your colleagues) can watch the archived version for up to one year after the original air date.