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OCC updates exam procedures on remittance transfers

The OCC has posted Bulletin 2021-33 to announce supplemental examination procedures on remittance transfers. The examination procedures are prepared for use by OCC examiners as a supplement to the Federal Financial Institutions Examination Council's interagency Electronic Fund Transfer Act (EFTA) procedures that the OCC adopted in 2019. In addition, this bulletin summarizes the CFPB's Regulation E amendments regarding remittance transfers that became effective in July 2020.

The following OCC documents have been rescinded:

  • The "Electronic Fund Transfer Act" booklet of the Comptroller's Handbook, which is replaced by the 2019 interagency EFTA examination procedures. The procedures are listed on the Comptroller's Handbook page on OCC.gov as "Electronic Fund Transfer Act (Interagency)."
  • OCC Bulletin 2019-16, "Consumer Compliance: Revised Interagency Examination Procedures," which conveyed the 2019 interagency examination procedures for the EFTA and for the Truth in Lending Act.
  • OCC Bulletin 2014-43, "Electronic Fund Transfer Act: Comptroller's Handbook Booklet Revision and Rescission."
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