Remittance Rule Changes


Presented by: John Burnett
Add CD-ROM to Cart:

(Product will be shipped via USPS)


The CFPB estimates that more than 400 banks and almost 250 credit unions will benefit from its new final rule amending the Remittances Rule to increase the safe harbor limit from 100 to 500 remittances in the prior and current years. The Bureau also replaced the temporary provision expiring July 21 allowing insured depository institutions to continue using estimates of exchange rates and certain costs when funds are being sent to certain countries or recipient institutions.

In this ONE-HOUR presentation, BOL Guru John Burnett will explain -
  • The new safe harbor limit effective July 21
  • Transitioning from the old to the new safe harbor
  • The sunset provision for the current provision allowing estimates
  • The new provision allowing estimates of exchange rates for certain countries
  • The new provision for estimating covered third-party fees for certain transfers
  • Transition rules for exchange rate and third-party fees estimates
  • Effect of Bureau's April 10, 2020, statement on its enforcement of requirements for exact exchange rates and covered third-part fees after July 21, 2020.
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 ABA's Stonier Graduate School of Banking. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.

He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc., and became a part of the BOL Team in June, 2004.

Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.

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

Add to Cart:

  • Model: cd_remittance0620
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Tuesday 12 May, 2020.

Copyright © 2022