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.