<code id="izrdx"></code>
<code id="izrdx"><u id="izrdx"></u></code>
<var id="izrdx"></var>
  • <label id="izrdx"><legend id="izrdx"></legend></label>

  • <acronym id="izrdx"></acronym>
  • <var id="izrdx"></var>
  • <cite id="izrdx"></cite>
    <dl id="izrdx"><legend id="izrdx"><blockquote id="izrdx"></blockquote></legend></dl>

    CFPB expands relief for banks and credit unions from remittance rules

    Register now

    More banks will be able to estimate costs to consumers of remittance transfers rather than quote exact third-party fees and exchange rates under a final rule issued by the Consumer Financial Protection Bureau.

    The rule released Monday expanded and made permanent temporary protections established in an earlier 2013 regulation. The new rule establishes a safe harbor for banks providing 500 or fewer transfers a year from complying with a requirement that they disclose the price of a remittance transfer, the exact exchange rate, the amount to be delivered and the date funds are available.

    The final rule permanently raised the exemption threshold from 100 transfers. The previous safe harbor was set to expire in July 2020.

    “We are pleased with the increased threshold and that they made the temporary exemption permanent,” said Rhonda Thomas, vice president at the Independent Community Bankers of America.

    “The final rule allows certain banks and credit unions to continue to provide estimates of the exchange rate and certain fees under certain conditions,” the CFPB said in a press release.
    “The final rule allows certain banks and credit unions to continue to provide estimates of the exchange rate and certain fees under certain conditions,” the CFPB said in a press release.

    Consumer groups opposed changes and had urged the CFPB to instead lower the threshold, while banks and credit unions had lobbied for an even higher threshold of 1,000 or 1,200 transfers. Banks argued that they exert little control over their foreign counterparts on which they rely for information about third-party fees.

    Ann Kossachev, director of regulatory affairs at the National Association of Federally-Insured Credit Unions, said a number of credit unions have effectively been prevented from offering remittance transfer services "because of the high compliance costs and associated burdens," she said. "The rule failed to expand the exemption on fee estimates at a time when credit unions are in need of regulatory relief."

    The rule will allow a wider array of banks to estimate just the exchange rate in certain circumstances. insured institutions can estimate exchange rates if they meet two requirements: the funds are received in the local currency and the bank remits 1,000 or fewer transfers to that specific country the prior year.

    Because of the coronavirus pandemic, the CFPB also gave financial institutions a further reprieve from issuing enforcement actions on remittances until January.

    In April, the bureau said it will not initiate an enforcement action or cite an institution in an exam for estimating third-party fees and exchange rates to consumers rather than giving specific amounts. That change applies to remittances sent from July 21, 2020 to January 1, 2021.

    The bureau said in a press release that the rule would preserve the ability of consumers to send remittances.

    “The final rule allows certain banks and credit unions to continue to provide estimates of the exchange rate and certain fees under certain conditions,” the CFPB said in a press release. “This could preserve consumers’ ability to send remittances from their bank accounts to certain countries or recipient institutions.”

    The CFPB said the rule "will reduce the burden" on over 400 banks and almost 250 credit unions that send a relatively small number of remittances.

    Banks collectively sent roughly 43% of the dollar volume of all remittance transfers while credit unions sent 2%, the CFPB said. Remittance transfers by banks averaged $6,500, compared with an average of $381 by money transmitters.

    For reprint and licensing requests for this article, click here.
    宾阳| 太仆寺旗| 张掖| 托克逊| 石拐| 磐石| 江门| 崇信| 六合| 德兴| 涞源| 黄石| 镶黄旗| 托克托| 天山大西沟| 连城| 平乐| 克什克腾旗| 华阴| 建昌| 浦东| 华蓥山| 沈丘| 泰山| 东川| 黎川| 小二沟| 太仆寺旗| 旬邑| 茶陵| 璧山| 沂南| 舍伯吐| 武隆| 上思| 乌拉特后旗| 娄烦| 胡尔勒| 万安| 北塔山| 龙里| 齐河| 章丘| 晋中| 昌平| 巨鹿| 德格| 头道湖| 台北县| 青川| 开阳| 霍山| 应城| 盘锦| 临沂| 普安| 白杨沟| 永兴| 若羌| 安康| 天山大西沟| 丹棱| 法库| 辽源| 巴塘| 宁冈| 石泉| 屯溪| 莘县| 古蔺| 会宁| 兰屿| 即墨| 上蔡| 南阳| 硇洲| 图们| 天全| 金溪| 隆昌| 康乐| 漳州| 新洲| 郓城| 巫溪| 阿合奇| 万州龙宝| 冷水江| 阳城| 江阴| 荣昌| 满洲里| 马山| 六枝| 南海| 乌海| 清兰| 胡尔勒| 平潭| 小渠子| 绥滨| 宣恩| 盘山| 太仓| 宁化| 斗门| 湟源| 扬州| 宜宾农试站| 福泉| 安陆| 平度| 营口| 北镇| 邵阳县| 义县| 江浦| 鹤山| 高青| 祁阳| 沽源| 乌恰| 新野| 綦江| 乌拉特后旗| 承德县| 东吉屿| 福鼎| 普洱| 斋堂| 吉首| 滁州| 南郑| 河口| 龙游| 西宁| 昌宁| 新密| 巴彦| 麦积| 安顺| 内江| 涟源| 南华| 南澎岛| 石岛| 太仆寺旗| 库伦旗| 阳谷| 永福| 东平| 平乐| 遂昌| 宁津| 济源| 亳州| 绥江| 扎赉特旗| 石浦| 贵港| 富源| 雅布赖| 郧西| 巴音布鲁克| 辽阳| 河源| 错那| 岑溪| 温宿| 讷河| 庆阳| 邵阳县| 砀山| 齐齐哈尔| 淮阴县| 泰顺| 耒阳| 蒲城| 平罗| 毕节| 开化| 渠县| 瓜州| 丰南| 越西| 通山| 沁城| 华宁| 曲阳| 赣榆| 石拐| 南安| 昆明| 永胜| 嫩江| 鄂托克旗| 阳谷| 白日乌拉| 拉孜| 宁陕| 灌阳| 武冈| 莱阳| 资中| 康乐| 林西| 温州| 涉县| 古田| 通辽钱家店| 泾阳| 青田| 合江| 资源| 华坪| 纳溪| 泗阳| 溧水| 和硕| 克山| 夏邑| 汾西| 西充| 麦盖提| 太原南郊| 大连| 布尔津| 涿州| 商丘| 罗定| 开远| 宁安| 儋州| 黑河| 平昌| 楚州| 满都拉| 武乡| 葫芦岛| 沙湾| 临湘| 章丘| 永定| 兰坪| 长安| 徽县| 郧西| 嘉定| 泊头| 玉树| 秭归| 阿克苏| 舟山| 高安| 涟水| 利川| 冠县| 农安| 宜宾县| 马边| 扎鲁特旗| 夹江| 秀山| 伊川| 龙游| 云县| 岢岚| 和政| 瓜州| 华阴| 黔江| 巴仑台| 兴义| 清兰| 灵璧| 千阳| 双牌| 蓬莱| 桂阳| 策勒| 光泽| 朱日和| 孙吴| 大同县| 都江堰| 江陵| 佳木斯| 河池| 景洪电站| 阿拉尔| 博罗| 怀柔| 牡丹江| 茫崖| 夏河| 小渠子| 江浦| 成山头| 克拉玛依| 方山| 九龙| 吐鲁番| 鄂尔多斯| 汉阴| 崇庆| 乐亭| 博乐| 新晃| 平远| 景东| 肃北| 隆德| 巨野| 临漳| 沁源| 桦甸| 武鸣| 夷陵| 东乌珠穆沁旗| 饶阳| 硕龙| 岢岚| 浦江| 龙州| 拐子湖| 瓮安| 达日| 常州| 三峡| 南召| 红柳河| 息烽| 遂平| 定襄| 桦南| 德江| 宁明| 吴江| 普兰店| 金山| 南漳| 盐津| 鄯善| 上杭| 鹤庆| 铜锣湾| 贵南| 平潭海峡大桥| 吴忠| 荔浦| 兴仁| 海盐| 屯昌| 佛山| 惠农| 渑池| 昌图| 三门| 杭锦旗| 阳江| 无棣| 马祖| 魏山| 河南| 嘉祥| 通许| 洛阳| 安阳| 密云上甸子| 金乡| 尚义| 萝北| 邵东| 海原| 孪井滩| 草河口| 瓦房店| 武平| 祁连| 金山| 台儿庄| 南雄| 河曲| 索县| 巢湖| 宁海| 盐都| 常熟| 唐河| 兖州| 元氏| 崇明| 都昌| 涉县| 长沙| 寿县| 阿尔山| 上饶县| 北宁| 蒙阴