CFPB Publishes Remittance Transfer Exam Procedures

Examiners also will review remittance transfer providers for ÔÇťother consumer risks."

December 1, 2013

In late October, the CFPB published the procedures it will use in examining institutions that make remittance transfers for consumers. The agency’s remittance transfer regulation went into effect on Oct. 28, 2013.

Examiners also will review the activities of remittance transfer providers for “other consumer risks,” including potentially unfair, deceptive, or abusive acts or practices. When necessary, examiners will coordinate and work closely with the CFPB’s enforcement staff to take appropriate enforcement actions to address harm to consumers.

The CFPB coordinates with other regulators to ensure they have a shared understanding of the CFPB’s new rules. The exam procedures are based on procedures the CFPB and other examining agencies developed through the Federal Financial Institutions Examination Council.

The agency released “eRegulations,” an online tool designed to make regulations easier to find, read, and understand. Regulation E is the first regulation to be included in this new tool.