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CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct
Law360
September 13, 2019
Consumers in the United States send billions of dollars abroad each year. The remittance transfer rule is a federal consumer financial protection law that generally applies to money-services businesses and banking institutions that provide international money-transfer services to consumers. Broadly, the rule requires covered persons to provide senders with certain disclosures, grant consumers a right of cancellation and establish error-resolution procedures. In this article, partners Kara Kuchar and Donald Mosher discuss the recent first-of-its-kind U.S. Consumer Financial Protection Bureau enforcement action based on violations of the CFPB Remittance Rule.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]