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Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On April 10, 2020, in light of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a Policy Statement announcing it is extending the time period for remittance transfer providers who provide estimated exchange rates and certain third-party fees, instead of exact amounts. Regulation E requires remittance transfer providers to disclose certain information to consumers who send remittance transfers, including information related to the exact cost of a remittance transfer. There is a temporary exception to this requirement allowing certain financial institutions to disclose estimates to consumers of the exchange rate and covered third-party fees instead of exact amounts. This temporary exception is due to expire on July 21, 2020. The CFPB’s Policy Statement announced it is extending this exception for remittances that occur on or after July 21, 2020, and before Jan. 1, 2021.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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