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Volume 25 - Number 18

September 1, 2014

CFPB Extends Remittance Transfer Rule Exception for Depositories

The CFPB finalized revisions to its international remittance transfer rule, most notably including a five-year extension for a temporary exception that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The original expiration date for the exception was July 21, 2015. The extension pushes the shelf life of the exception out to July 21, 2020. If the temporary exception were to expire in July 2015, current market conditions would make it impossible for insured institutions to know the exact fees and exchange rates associated with a minority of their remittance transfers, according to the CFPB. “Without the exemption, these insured institutions reported that they would have been unable to send some transfers to certain parts of ...

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