Get Ahead Of The International Fund Transfer Changeup
November 29, 2012, 4:36 PM EST
Law360, New York (November 29, 2012, 4:36 PM EST) -- Among the consumer law changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) were new protections for consumers who send funds to consumers or businesses located in other countries. They include disclosures (potentially in multiple languages) and error resolution and cancelation rights. These requirements have been implemented by the Bureau of Consumer Financial Protection in amendments to Regulation E.
The new regulation will take effect in less than three months, on Feb. 7, 2013. For those banks and businesses offering such services,...