More Changes To Come For Remittance Rule

Law360, New York (December 3, 2012, 12:41 PM EST) -- On Nov. 27, 2012, the Consumer Financial Protection Bureau issued a bulletin[1] announcing the agency’s intent to propose amendments to its not-yet-effective final rule on foreign remittance transfers that was issued earlier this year and scheduled to become effective on Feb. 7, 2013 (“Remittance Rule”).[2]

The Remittance Rule implements Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.[3] The forthcoming proposed rulemaking is expected to “refine” three elements of the Remittance Rule in response to feedback received from industry participants regarding implementation challenges.[4]...
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