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LIVE WEBINAR - COMPLYING WITH THE REMITTANCE TRANSFERS RULE - DECEMBER 6, 2021

Presented by John Burnett
1:30 – 3:30 p.m. CDT

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COURSE DESCRIPTION

The CFPB’s Remittance Transfers rule has been in effect since October 2013 as
subpart B of Regulation E. There was a September 2014 amendment that clarified
the status of U.S. military installations overseas and certain other issues, and
in June 2020 we got another set of amendments that increased the “safe harbor”
exemption threshold from the rule to 500 remittance transfers.

Yet the regulation remains complex. There are provisions for delivering
disclosures electronically, but they are limited. Some disclosures can be made
orally, but only in specific situations. With the increased safe harbor
amendments, insured banks and credit unions received broader exemptions from
certain disclosure accuracy requirements, but with those exemptions came more
complex recordkeeping to justify those exemptions.

The basics of the rule are unchanged. There are pre-purchase disclosures and
receipt disclosures. Certain accuracy requirements are mandated (with some
exceptions). A consumer has rights to cancel a transfer and, when things don’t
go exactly as planned, to make claims of errors or non-delivery of funds.

In this two-hour presentation, BOL Guru John Burnett will explain –

 * Who is protected by the rule
 * Which transfers are covered
 * Transfers to U.S. territories and military installations overseas
 * The safe harbor limit on exemptions
 * Pre-purchase disclosures
 * When oral and electronically delivered disclosures are permitted (and when
   they are not)
 * Receipt disclosures and combined disclosures
 * Disclosure timing rules
 * The provision allowing estimates of exchange rates for certain countries
 * The provision for estimating covered third-party fees for certain transfers
 * The ins and outs of error resolution


INSTRUCTOR(S)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served
on its faculty for several years. He graduated with honors with the Class of
1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of
the BAIs and the Massachusetts Banker Associations Schools of Banking.John began
his banking career in high school when he started as a teller at a $15 million
bank that didn't have account numbers for its checking accounts (he says they
actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971
and assumed the position of Compliance Officer in 1976. He also served as
corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk
of the bank's holding company. John joined Glia Group, Inc. and the
BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning
Connect webinars, and at BOL Conferences events.He was a member of the
Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and
a former member of the American Bankers Association Compliance Executive
Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task
Force as Regulation DD was being written, and has served on several ABA and
Massachusetts Bankers seminar panels.
Email




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John Burnett
ACH,Audit and Internal Controls,Branches and Frontline,Compliance,Compliance
Management and Auditing,Deposit Operations, Operations,Operations Compliance
December 6, 2021
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