-
WASHINGTON — The Consumer Financial Protection Bureau on Friday specified changes it would like to make to a rule designed to increase regulation of international money transfers.
December 21 -
The Federal Home Loan Bank of New York announced Tuesday that it would stop processing international wire transfers as a result of a new rule from the Consumer Financial Protection Bureau.
November 20 -
The industry has asked the CFPB to delay the effective date for a rule expanding disclosures for remittance transfers.
November 2
Bank of America Merrill Lynch (BAC) has released two new software applications that address new cross-border payments regulations in the Dodd-Frank reforms.
The new products, FXtransact White Label and Bank of America Merrill Lynch Information Exchange for Payments, were developed in the last year and updated as the new rules evolved, B of A said Tuesday. The company plans to adjust them once the Consumer Financial Protection Board issues its final rulings. Clients of various sizes are using the products, the release said.
The products are designed to address Dodd-Frank Remittance Regulation 1073, which establishes a new regulatory framework for cross-border payments, requiring banks to provide information on cost and delivery terms for international payments. The new systems from B of A provide access to fee, tax and disclosure information. They are also designed to streamline compliance and reduce manual processes.
"We are working with several clients of various sizes and degrees of complexity to solve for the new requirements of Dodd-Frank 1073," Greg Murray, head of B of A's U.S. dollar wire and clearing products in global transaction services unit, said in the press release. "By adopting our solutions, our clients have the ability to make payments within the new regulatory framework in more than 140 currencies, including the U.S. dollar, across 200 countries and territories."
