Quick Bite: International Remittance Rules

Tuesday, January 08, 2013
11:00 AM Eastern Daylight Time
12:00 PM


What is a Remittance Transfer?

A remittance transfer means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider (including, but not limited to, financial institutions). This includes transfers sent by a natural person in the US to a natural person or business in a foreign country. It applies to accountholders and non‐accountholders and also to transactions (such as wires) that are normally excluded from coverage under Regulation E.

If the credit union chooses to offer wire transfers and ACH or other electronic transfers to foreign countries, it must comply with these new requirements beginning in February:

·      Policies and procedures for resolving errors and maintaining records

·      Disclosures before a transfer is paid for and after receipt of funds, including proper calculation of fees, taxes, charges and exchange rates

·      Consumer rights regarding cancellation of one time and recurring transfers

·      Credit union obligation if a transfer is not received by the recipient; or the dollar amount does not match the receipt given by the sender (including in some cases where the party on the other end charges fees or government taxes)

·      Specific error investigation and notification timeframes.

Speaker: Mary Lou Heighes CUCE, is President and founder of Compliance Plus, Inc. Mary-Lou has been involved in the credit union movement since 1989. She spent 5 years working in credit unions, in almost every position. Like many credit union veterans, she has worn many hats - loan officer, marketer, collector, and the all-encompassing OTHER DUTIES AS ASSIGNED. That background made for an easy transition to the Research and Information Department at the California Credit Union League where she spent 7 years providing compliance assistance through the Information Hotline and writing and editing TIPs bulletins advising credit unions to changes to regulations affecting credit union business. 

Location: Via Telephone

Time: 11:00 am - 12:00 pm EST

Educational Investment: $109.00 per telephone connection. Unlimited Listeners and Free Audio Archive

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