10/16/2012 CFPB issues small Entity Compliance Guide to remittance rule
American Bankers AssociationThe Consumer Financial Protection Bureau yesterday issued a Small Entity Compliance Guide for its final remittance transfer rule that is slated to go into effect on Feb. 7, 2013. The guide’s purpose is to provide an easy-to-use summary of the remittance rule, and highlight issues that businesses -- particularly small business -- may want to consider when implementing the rule, the CFPB said.
“The CFPB anticipates that most businesses that qualify as ‘remittance transfer providers’ will have to make some changes to their processes, software, contracts or other aspects of their practices,” the bureau said in the guide’s introduction. Read the guide.