The CFPB released an updated compliance guide to assist small creditors in complying with the remittance transfer rule. The guide is intended to be an “easy-to-use summary” of the remittance rule and highlight issues that small creditors may face when implementing the rule. The updated guide incorporates the CFPB’s changes to the remittance transfer rule including the disclosure of institution fees and foreign taxes and the procedures that apply to errors that result from a consumer providing incorrect information.
In conjunction with the release of the small business compliance guide, the CFPB announced that it made clarifying and technical corrections to the rule amended in May 2013 (see May 14, 2013 Alert). In particular, the CFPB amended the provision setting forth remedies for errors that occur when a sender provides incorrect or insufficient information to the remittance transfer provider.