How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.
Bureau proposes Remittance Rule changes
- would allow certain banks and credit unions to continue to provide estimates under certain conditions where it could be economically infeasible for these institutions to provide exact disclosures.
- would increase the safe harbor threshold that determines whether a company makes remittance transfers in the normal course of its business and is subject to the Rule to 500 or fewer transfers annually in the current and prior calendar years. The Bureau said this would reduce the burden on over 400 banks and almost 250 credit unions that send a relatively small number of remittances—less than 0.06 percent of all remittances.
- requests comment on a permanent exception in the Rule permitting providers to use estimates for transfers to certain countries and the process for adding countries to the safe harbor countries list maintained by the Bureau.
Comments on the proposal will be accepted for 45 days following its publication in the Federal Register.
UPDATE: Published at 84 FR 67132 on 12/6/2019, with comment period ending 1/21/2020.