Foreign Remittance Transfers 101


Presented by: John Burnett
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  The Foreign Remittance Transfers rule has made significant changes to benefit consumers who rely upon funds transfers to individuals, businesses and financial institutions outside the U.S. to make purchases or send money to friends or family "back home." There are shopping disclosures and disclosures to be made at the time a transfer is paid for. Error-resolution rules that protect consumers when things go wrong are both complex and heavily biased toward protecting the consumer (but not completely!) Even the "safe harbor" rule, which allows some institutions to avoid having to comply, can be confusing.

The Bureau has proposed some changes to the rule that will benefit financial institutions. We will review those changes and how they are likely to affect your bank as part of this presentation.

This session is designed to provide a basic working knowledge of the requirements of the Remittance Transfers rule found in subpart B of CFPB Regulation E. Financial institution employees with a need for the basics and those who want to refresh their understanding of the rule will find value in the program.

We'll cover these and other topics during the webinar -
  • Defining "remittance transfers"
  • Identifying "consumer purpose" transfers
  • Is your bank a "remittance transfer provider"?
  • What "the normal course of business" means to low-volume providers
    • The "safe harbor" provision (current and proposed)
    • The "transition period"
  • Preauthorized remittance transfers
  • Transfers to U.S. military installations
  • When disclosures are required
  • Forms of disclosure
  • The use of faxes
  • Disclosures in foreign languages
  • Which costs must be disclosed?
  • Exchange rates, taxes and fees
  • Estimates: when, what and how?
  • Special rules for requests made in advance
  • Cancellation of transfer requests
  • Agents and their roles
  • Who can make an error claim on a remittance transfer?
  • Resolution of error claims
About the Speaker: John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.

John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.

He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in March 2020. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_remittance0320
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Monday 30 April, 2012.

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