Regulation E Alert: New Requirements for Consumer Foreign Remittance Transfers: Effective February 7, 2013
Date: December 18, 2012
Time: 2:00 PM- 3:30 PM CST
Live Webinar- $200
The LIVE WEBINAR option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone. Registrants receive a toll-free number and pass code that will allow entrance to the seminar. The session will be approximately 90 minutes, including question and answer sessions. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast. You will need the most current version of Adobe Reader available free at www.adobe.com.
On Demand Web Link & CD- $200
Can’t attend the live webinar? The ON-DEMAND WEB LINK is a recording of the live event including audio, visuals, and handouts. We even provide the presenter’s email address so you may ask follow-up questions. Approximately 1 week prior to the webinar, you will receive an email with the web link. This web link can be viewed anytime 24/7, beginning 6 business days AFTER the webinar and will expire 6 months after the live program date. But there's more . . . AS AN ADDED BONUS, you will also receive a FREE audio/visual CD ROM.* The CD ROM includes the original audio/visual presentation, the question and answer sessions, and the handouts. Use the on-demand link or this “off-the-shelf” training program for those that could not attend the live seminar and for future training.
Live Webinar & On-Demand Web Link (INCLUDES FREE CD-ROM)- $250
Includes options 1 and 2 above
Special Registration Option for member credit unions under $20 million-$169
On-demand link only (does not include CD or live webinar)
Many financial institutions think they are not covered by this bill. However, if you annually send 100+ transactions internationally, you may have to make changes before 2013.
The Consumer Financial Protection Bureau (CFPB) published this final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. The new protections were designed to significantly improve the predictability of remittance transfers and provide consumers with better information for comparison shopping.
First, the statute requires consistent, reliable disclosures about the price of a transfer, the currency amount to be delivered to the recipient, and the availability date. Consumers must receive pricing information before they make payment, and under the final rule will generally have 30 minutes after making a payment to cancel a transaction. Second, the new requirements increase consumer protections when transfers go awry by requiring providers to investigate disputes and remedy errors. Because the statute defines “remittance transfers” broadly, most electronic fund transfers sent by consumers in the United States to recipients in other countries will be subject to the new protections. This webinar will address the new regulation and the compliance measures required of financial institutions by February 7, 2013.
> Who must comply?
> Broad definitions and their impact
> A breakdown of the regulation requirements
> Disclosures, forms, and other documents you must use to comply
> Languages, exchange rates, fees, and more
> Consumer rights in disputes and errors
> Sample policy, procedures, and log for resolving errors
Deborah Crawford is the President of gettechnical inc., a Baton Rouge-based firm, specializing in the education of financial institutions across the nation. Her 27+ years of experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor’s and master’s degrees.
Debbie specializes in the education of financial institution employees and officers in the area of deposit account laws, new account documentation, insurance, complex compliance regulations, and IRAs.