Category: Policy & Compliance

Temporarily delaying the implementation of our international remittance transfer rule

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates.

In November, we announced that we would be proposing to make some limited amendments to our new international remittance transfer rule. We also announced that we would be proposing to delay when the rule would take effect until ninety days after we finalized the amendment. Last month, we formally issued our proposal .

The remittance rule was slated to go into effect on February 7, 2013. Today, we are temporarily delaying the effective date of our remittance rule. Thus, the rule will not take effect on February 7. A new effective date will be announced later this year.

The changes in our December 31, 2012 proposal are designed to preserve the new consumer protections while helping remittance transfer providers comply with the rule. The proposal also includes a provision to extend the effective date until 90 days after we issue a revised final rule.

You may submit comments on the remainder of the proposal , including what the new effective date of the rule should be, on or before January 30, 2013. We’ll keep our remittance web page updated with the new effective date when we finalize the substantive issues in our proposal.

Due to technical issues, the commenting feature of our blog is temporarily unavailable. We’re working to bring this functionality back, and look forward to hearing your feedback and comments about the CFPB’s work soon.