Foreign Remittance Transfers 101

With John Burnett

Foreign Remittance Transfers 101

With John Burnett
  • 1 Video
  • 3 PDFs
  • 2.0 hrs
Course description

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

Categories:

  • ACH
  • Branches and frontline
  • Compliance
  • Deposit operations
  • eCompliance
  • Operations
  • Operations compliance

Who should attend:

  • Compliance officer
  • Internal auditor
  • Operations officer
  • Tellers and teller supervisors
  • Wire transfer personnel





Course Curriculum

Video
121:55
Foreign Remittance Transfers 101
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Materials
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Instructor

John Burnett
John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.

He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

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