Final Rule has been posted. Does it even apply to me? Does anyone have a plain English version? This is what Bankersonline wrote on their compliance newsletter-The 2013 Final Rule requires providers to include disclaimers on the disclosure forms provided to senders of remittance transfers indicating that the recipient may receive less than the disclosed total due to certain fees and taxes. It also permits the reasonable estimate of these. The 2013 Final Rule also creates an exception if the sender provides an incorrect account number or recipient institution identifier and streamlines error resolution. I'm still trying to get my head around remittance transfers - is this something between the banks and businesses or what? Really feeling STUPID!!!

Please check your PM. I just sent you some information.

There is a Remittance Transfer Rule Forum. As it's a federal issue, you would have better luck asking your questions there than in a state forum.

In brief, the disclosure requirements do not apply to providers who do not send more than 100 international wires or certain other types of electronic transactions on behalf of consumers annually. For most community banks the only compliance management decision involved is deciding how to track these transactions and make certain you can demonstrate that you stayed below the threshold.