Amy K: Remittance Transfer Rule Delayed
by Amy Kleinschmit, Director of ComplianceOn Tuesday, January 22, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the effective date of its International Remittance Transfer final rules that were set to take effect February 7, 2013.
The CFPB is delaying the effective date pending the finalization of a proposal it issued on December 31, 2012. The new effective date will be determined when the December 2012 proposal is finalized. This announcement can be found here: http://files.consumerfinance.gov/f/201301_cfpb_remittances-rule_effective-date-delay.pdf
As the CFPB notes in its discussion of this rule, “the new effective date will be after February 7, 2013….The Bureau proposed that the 2012 Final Rule and any revisions resulting from the December 2012 Proposal would become effective 90 days after the Bureau finalizes the proposal.”
Should you have any questions or concerns on this or any other compliance topic, please do not hesitate to contact Amy Kleinschmit at akleinschmit@cuad.coop or 701.214.9721.