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Remittance Rule Overview

September 6, 2012. Remittance Rule Overview. Dana Miller Office of Regulations Consumer Financial Protection Bureau. THIS PRESENTATION DOES NOT REPRESENT LEGAL INTERPRETATION OR ADVICE. What Transactions are Covered?. What Transactions are Covered? . What Transactions are Covered? .

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Remittance Rule Overview

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  1. September 6, 2012 Remittance Rule Overview Dana Miller Office of Regulations Consumer Financial Protection Bureau THIS PRESENTATION DOES NOT REPRESENT LEGAL INTERPRETATION OR ADVICE

  2. What Transactions are Covered?

  3. What Transactions are Covered?

  4. What Transactions are Covered?

  5. Who is a Remittance Transfer Provider?

  6. “Normal Course of Business”: Safe Harbor • If provider provides: • 100 or fewer remittance transfers in prior calendar year, and • 100 or fewer remittance transfers in current calendar year, • Provider is not providing remittance transfers in the normal course of business • Total includes all remittance transfers (not per type) • Transition period if exceed safe harbor

  7. Requirements for a Remittance Transfer Provider?

  8. Disclosure Requirements

  9. Disclosure Requirements (Alternative)

  10. Foreign Language Disclosure Requirements

  11. Model Disclosure Forms

  12. Estimates

  13. Estimates

  14. Refund and Cancellation

  15. Error Resolution Process

  16. Types of Errors

  17. Error Resolution Remedies

  18. Provider Liability

  19. Preauthorized Remittance Transfers

  20. Preauthorized Remittance Transfers

  21. Effective Date February 7, 2013

  22. Next Steps • Countries list • Small business guide • Webinar • Continued monitoring/information gathering

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