Update 11/27/12: We issued a bulletin about changes to the rule we intend to propose in December 2012.
Our goal is to make financial markets work. A crucial part of reaching that goal is making sure that honest businesses – particularly small businesses – have what they need to understand and comply with our new regulations, which are designed both to help consumers and make a fair playing field for companies that play by the rules.
Today, we’re releasing our small business compliance guide for our international electronic money transfers rule (also known as the remittance rule), which will take effect on February 7, 2013. This guide will make it easier to understand the new requirements. 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.
We need your help to find areas in the guide that could be better.
How can I provide feedback?
Email comments about the guide to CFPB_RemittanceGuide@cfpb.gov. Your feedback is crucial to making sure the guide is as helpful as possible. We would love to hear your thoughts on its usefulness and readability, and about improvements you think are needed.
We would especially like to know:
1) What kind of business do you operate?
2) Generally, what is the size of your business?
3) Where are you located?
4) How useful did you find the guide for understanding the rule?
5) How useful did you find the guide for implementing the rule at your business?
6) Do you have any suggestions for making the guide better, such as additional implementation tips?
What are some other compliance resources?
We are working on a number of projects to help industry understand and comply with the new requirements, including:
- Issuing a list of countries and other areas to which a particular exception to the rule’s disclosure requirements applies,
- Hosting a live webinar on October 16th,
- Answering specific questions at CFPB_RemittanceRule@cfpb.gov and at (202) 435-7700, and
- Releasing the small business guide.
You can reach us at (202) 435-7700.