Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB: Who Pays For Remittance Transfer Mistake?
WASHINGTON (8/16/13)--The Consumer Financial Protection Bureau wants to make it perfectly clear that under its new remittance rule a remittance provider will not have to pay if an error occurs in a transaction due to incorrect or insufficient information provided by remittance requester.

The bureau has issued a "clarificatory amendment and technical correction" spelling out that its rule allows remittance providers to deduct fees and taxes related to the unsuccessful remittance transfer attempt from the total amount of funds that were provided by the sender for the transfer.
 
The fees and taxes would be taken from any money refunded to or re-sent by the remittance requester.
 
The bureau in recent days also released an updated version of its small business guide for the remittance rule, and produced a video with even more information on the rule.
 
Under the final rule, remittance transfer providers are required to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors. The rule has a scheduled effective date of Oct. 28.
Other Resources

CFPB Final Rule
RSS print
News Now LiveWire
Why is a #creditunion a good fit for you? http://t.co/i4pGT98mkT via @MONEY
14 hours ago
The numbers are in: Home Depot data breach impact on #creditunions = $57.4 million, 7.2 million credit/debit cards http://t.co/jorYSOYuxj
15 hours ago
.@Nussle : We'll back off when retailers accept their breach responsibility #NewsNow http://t.co/7WxDXicb6j
17 hours ago
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
17 hours ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
18 hours ago