Alert February 05, 2013

CFPB Temporarily Delays Implementation of International Remittance Transfer Rule

The CFPB announced that it is temporarily delaying the effective date of the international remittance transfer rule that was scheduled to take effect on February 7, 2013, pending finalization of proposed amendments to the rule published on December 31, 2012 (see November 27, 2012 Alert). The proposal addressed three discrete issues related to foreign taxes and error resolution. The comment period on the proposal closed on January 30, 2013; the new effective date of the rule will be 90 days after the CFPB finalizes the proposal.