Today we issued a bulletin explaining that we intend to propose certain limited adjustments to our rule on international money transfers, as well as a brief extension of the date the rule would become effective.
Some regulated entities identified issues that pose practical challenges in implementing the new law. To address these issues, next month we will propose a narrow set of changes to the remittance rule. We’ll work on a fast track to finalize changes to the rule. The proposed changes would improve implementation of the new law while keeping the important new protections for consumers intended by the Dodd-Frank Act.
The proposed changes will address what should happen if a consumer provides an incorrect account number for a transfer and how remittance providers must disclose certain third-party fees and foreign taxes. Read the bulletin for more detail about the proposed changes.
These proposed changes to the remittance rule are designed to help companies successfully implement the rule’s valuable new protections for consumers. We expect to propose extending the effective date of the rule until 90 days after we issue a final rule on these issues because we recognize that remittance providers may need time to make sure they’re in compliance with the rule. We’re expecting the new implementation date to be during spring 2013, and will keep you updated.
For more information, please see today’s bulletin.