Skip to content

CFPB Consumer Initiated Foreign Remittances

Answered by: 

Question: 
We are currently challenged to find a resource that will enable us to comply with the enhanced disclosure requirements (e.g. foreign bank/country fees, taxes) mandated by CFPB for consumer initiated foreign remittances. How are other financial institutions planning to meet this requirement?
Answer: 

Some banks are working with upstream correspondents to arrive at a workable solution. Some are considering whether becoming an agent for a "closed system" provider would resolve the problem for some international remittances. Some have determined that they are inside the "safe harbor" protection newly added to the rule, and will do what it takes to stay within the safe harbor. And some banks are contemplating exiting the business of providing consumer-initiated foreign remittances because of the risks and costs of non-compliance with the onerous disclosure and error-resolution rules.

First published on BankersOnline.com 1/21/13.

First published on 01/21/2013

Filed under: 
Filed under technology as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics