A Mark, A Yen, A Buck or A Pound
Those billions of dollars people send from the U.S. to other countries make the world go around. If your company or your clients are in the business of sending remittances overseas for consumers, you need to know about a rule from the Consumer Financial Protection Bureau (CFPB) that just took effect.
The CFPB amended Regulation E to offer additional protections for people sending money that way. The rule covers transfers sent by money transmitters, banks, credit unions, and others that send international money transfers “in the normal course" of their business. (Check the rule for more on how key terms are defined.) Those companies have new disclosure, error resolution, and cancellation obligations, all detailed in the CFPB’s guide for small business.
If you’re covered by the new rule, the guide offers compliance advice, including implementation tips and links to model forms. Not sure if the rule applies to you? Take a few minutes to read the guide and be sure.