CFPB Proposes to Expand Certain Remittance Transfer Safe Harbors
To reduce compliance costs for certain banks, credit unions and other insured financial institutions, the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation E to increase the safe-harbor available to insured financial institutions that provide a limited amount of remittance transfers from being categorized as a remittance transfer service provider. Under the proposal, the limit on remittances would be raised from the current limit of 100 or fewer transfers in the prior year to 500 or fewer transfers. Remittance transfers are generally defined as electronic transfers of money from a consumer in the United States to an international location.
Continue Reading Fintech Week in Review: Week of December 6, 2019