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CFPB Provides Updates to Remittance Transfer Rule
Tuesday, August 13, 2013 5:50 AM

The Consumer Financial Protection Bureau has provided an update of its small business guide for the agency’s international electronic money transfers rule (also known as the remittance rule). This updated guide reflects the most recent changes to the rule and will make it easier to understand the requirements, which will take effect on Oct. 28, 2013.

Although the guide is not a substitute for the rule, it highlights issues that businesses, in particular small businesses and those that work with them, should consider while implementing the new requirements.

Along with the guide, the CFPB has released a video that gives an overview of the rule, the recent changes, and its responses to questions raised regarding interpretation and implementation of the rule. These versions of the guide and video replace those versions released in late 2012 and which are now out-of-date.