ICB Credit: 2.5 CRCM
The Foreign Remittance Transfers rule has made significant changes to benefit consumers who rely upon funds transfers to individuals, businesses and financial institutions outside the U.S. to make purchases or send money to friends or family “back home.” There are shopping disclosures and disclosures to be made at the time a transfer is paid for. Error-resolution rules that protect consumers when things go wrong are both complex and heavily biased toward protecting the consumer (but not completely!) Even the “safe harbor” rule, which allows some institutions to avoid having to comply, can be confusing.
The 2014 amendments to the Remittance Transfer Rules took some of the “sting” out of compliance. We will review those changes so that you can make sure your institution has taken advantage of the improved flexibility they afford.
This presentation is designed to provide a basic working knowledge of the requirements of the Remittance Transfers rule found in subpart B of CFPB Regulation E. Financial institution employees with a need for the basics and those who want to refresh their understanding of the rule will find value in the program.
We’ll cover these and other topics during the webinar –
- Defining “ remittance transfers”
- Identifying “consumer purpose” transfers
- Is your bank a “remittance transfer provider”?
- What “the normal course of business” means to low-volume providers
- The “safe harbor” provision
- The “transition period”
- Preauthorized remittance transfers
- Transfers to U.S. military installations
- “Open,” “closed,” and hybrid network systems
- When disclosures are required
- Forms of disclosure
- The use of faxes
- Disclosures in foreign languages
- Which costs must be disclosed
- Exchange rates, taxes and fees
- Estimates: when, what and how?
- Special rules for requests made in advance
- Cancellation of transfer requests
- Agents and their roles
- Who can make an error claim on a remittance transfer
- Resolution of error claims
- Branches and frontline
- Deposit operations
- Operations compliance
Who should attend:
- Compliance officer
- Internal auditor
- Operations officer
- Tellers and teller supervisors
- Wire transfer personnel
Foreign Remittance Transfers 101
Questions and Answers