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The remittance rule, created by the Dodd-Frank Act to improve the transparency of international remittance fees, takes effect on Feb. 7, 2013. To help those involved with the financial industry understand and comply with the new rule, the CFPB will host a webinar on October 16 that will give an overview of the remittance rule and answer questions about it.
The remittance rule requires providers to disclose the exact amounts to be received in a foreign currency, fees, and taxes. However estimates of these amounts are permitted in several situations, which will be addressed in the webinar.
The webinar should be useful for money transmitters, banks, credit unions, and other companies that send money abroad for consumers, as well as other organizations that work with or represent consumers who send money abroad. Agents, software providers, foreign banks and others involved in international fund transfers from the United States may also be interested.
For more on this topic, visit the regulatory issues research center.