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Making Sense of the 1073 International Remittance Rule

Regulation Curriculum

All financial institutions will be impacted by the Consumer Financial Protection Bureau (CFPB) 1073 International Remittance rule (Subpart B to Regulation E). This subpart was established to protect consumers who initiate cross border money transfers, including:

  • Wires
  • ACH (IAT)
  • Online bill pay
  • Certain Prepaid card loads
  • Sweep Accounts

Don’t let the changes put your financial institution at risk.  We will discuss the recent amendments and their impact, along with a review of all elements of the rule. We will clarify key requirements, practical considerations, and preparation steps your financial institution can take to comply. This event will cover:

  • The Remittance Transfer Rule, new proposed amendments, and expected effective date
  • What qualifies as a Remittance Transfer, Sender, Recipient, and "Normal Course of Business"
  • Disclosure requirements for Prepayment, Receipt, and foreign languages
  • Accuracy requirements, exemptions, Sender cancellation rights, and error resolution
  • Preparation steps: developing policies, assessments, and determining responsibility 

Who should attend:  Suitable for ACH Operations, Branch Personnel, Compliance Officers and AAP Candidates

>> 1.8 AAP Continuing Education Credits



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