WASHINGTON (8/31/12)--The Credit Union National Association (CUNA) has released a final rule analysis of the Consumer Financial Protection Bureau's (CFPB) recent amendments to a remittance transfer rule that was issued in February.
The bureau's new remittance disclosure rule will take effect Feb. 7. This final rule addresses only safe harbor and preauthorized transfers. It affects international wires and international automated clearinghouse (ACH) transfers.
Under the rule, disclosures must generally be provided when the consumer first requests a transfer and again when payment is made. The rule also provides consumers with error resolution and cancellation rights.
One of the amendments would create a safe harbor from these rules for financial institutions that provide 100 or fewer transfers per year. The amendments also specify other changes regarding disclosures for transfers that are scheduled in advance, including preauthorized transfers that are authorized in advance to recur at substantially regular intervals.
For the final rule analysis, use the resource link.