CFPB Publishes Procedures to Ensure Consumers Making Remittance Transfers are Protected

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Bureau Also Releases Tool to Help Make Regulations Easier to Understand

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) today published the procedures it will use in examining institutions that make remittance transfers for consumers. The Bureau is also releasing eRegulations, an online tool designed to make regulations easier to understand.

“Consumers need and deserve to have greater transparency and basic consumer protections when transferring money internationally,” said CFPB Director Richard Cordray. “Today’s examination procedures will help ensure that they are getting just that from their remittance providers.”

Consumers send tens of billions of dollars from the United States to foreign countries each year. Prior to the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, these international money transfers were generally not covered by federal consumer protection regulations. The Dodd-Frank Act expanded the scope of the Electronic Fund Transfer Act to provide protections for senders of remittance transfers. In February 2012, the CFPB issued a final rule outlining how covered providers of remittance transfers should treat consumers who send money abroad.

The rule, which goes into effect on October 28, 2013, has been subsequently revised to address concerns related to some specific implementation challenges. The rule applies to many companies that offer international transfers to consumers, including banks, credit unions, and money transmitters. It does not, however, apply to companies that consistently provide 100 or fewer remittance transfers each year, nor does it apply to transactions under $15.

The remittance transfer rule was designed to bring new levels of transparency to international money transfers. CFPB examiners will use today’s procedures as a guide to ensure that remittance transfer providers are complying with requirements of federal consumer financial law, including:

  • Providing required disclosures: The CFPB remittance rule requires that providers disclose information about certain fees, the exchange rate, and the amount to be received by the recipient. Disclosures must generally be provided when the consumer first requests a transfer. After payment is made, consumers are entitled to additional information or, in some cases, a proof of payment.

  • Following proper error resolution procedures: Remittance providers must to investigate and resolve errors. These procedures must include notifying the consumer of the outcome of the investigation.

  • Offering refund and cancellation rights to consumers: Consumers may cancel most remittance transfers up to thirty minutes after payment. Examiners will be looking to make sure that the provider refunds the consumer’s money, at no additional cost to the consumer, within three business days if the consumer makes an appropriate request in time.

Examiners will also review the activities of international money 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 is coordinating with other regulators to ensure they all have a shared understanding of the CFPB’s new rules. Today’s procedures are based on procedures that the CFPB and other examining agencies developed through the Federal Financial Institutions Examination Council. This interagency effort will promote consistent supervision of remittance providers.

In addition to the examination procedures, the CFPB has developed a small entity compliance guide to assist the industry in its implementation of the rule’s requirements. To raise awareness of the rule and its requirements, the CFPB has been holding webinars and information sessions at a number of industry conferences in addition to addressing questions from stakeholders.

Resources on the CFPB’s remittance transfer rule are available at: https://www.consumerfinance.gov/remittances-transfer-rule-amendment-to-regulation-e/

The Remittance Transfer Examination Procedures can be found at: https://files.consumerfinance.gov/f/201310_cfpb_remittance-transfer-examination-procedures.pdf

eRegulations Tool

In conjunction with the examination procedures, the Bureau is releasing “eRegulations,” a web-based, open source tool that aims to make regulations easier to find, read, and understand. Regulation E is the first regulation to be included in this new tool and the contents of Regulation E, including the final remittance rule, can be accessed with eRegulations. The eRegulations tool lets users identify and display definitions for specific terms within regulation text, move easily among past, present and future versions of a regulation, and smoothly navigate between regulation text, official interpretations, appendices, and certain section-by-section analyses contained within Federal Register notices.

The CFPB created this tool with the goals of increased compliance, more efficient supervision, and improved accessibility. When all of those involved can better understand the regulations, the regulations are more likely to achieve their objectives and better protect consumers. The Bureau sought feedback from various stakeholders in the development of eRegulations. This tool is a work in progress and the CFPB welcomes feedback at CFPB_eRegs_Team@cfpb.gov.

The eRegulations tool can be found at: https://www.consumerfinance.gov/eregulations/1005

Official news published at https://www.consumerfinance.gov/about-us/newsroom/cfpb-procedures-to-ensure-consumers-making-remittance-transfers-are-protected/

Images courtesy of PixaBay

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New Children’s Picture Book Addresses Bullying, Body Image, Weight-Shaming and Self-Esteem, Opening Opportunities for Important Conversations Between Kids and Adults

'Chubby the Bear’s Big Choice,' by Author Daryl R. McCullough and Illustrated by Maryanne Smith, Sets Its Story Among the Enchanting California Redwoods, Where a Young Bear Fends Off Bullies and Self-Doubt and Regains Self-Esteem and Acceptance

New Children’s Picture Book Addresses Bullying, Body Image, Weight-Shaming and Self-Esteem, Opening Opportunities for Important Conversations Between Kids and Adults
'Chubby the Bear's Big Choice'

Author Daryl R. McCullough?s second book, 'Chubby the Bear?s Big Choice,' is set in a California redwood forest and tells the story of a sensitive, young bear struggling with bullies and his self-esteem issues.

Author Daryl R. McCullough’s second book, “Chubby the Bear’s Big Choice,” is set in a California redwood forest and tells the story of a sensitive, young bear struggling with bullies and self-esteem issues. This tender new book offers children, parents, and others of all ages an engaging story with several timely lessons on bullying, body image, weight-shaming, and self-esteem to be shared and discussed. Parents and children’s therapists have already heralded the book as an essential tool on the subject matter. Order now at Amazon, Barnes & NobleTarget or Archway Publishing.

Chubby is a fitting follow-up to McCullough’s award-winning first book “The Story of Tree and Cloud” — 1st Place, Pen Craft Awards; Finalist/5-Stars, “Reader’s Choice Book Awards”; 1st Place, “Firebird Awards”; and 3rd Place, “Best Children’s Book" and "Best Illustrated & Picture Book," Spring 2022, Outstanding Creator Awards. “Tree and Cloud” is a story about loss and managing grief, also set among California’s natural beauty, starring a California live oak tree named Folie and her new friend Puddle. “Chubby the Bear’s Big Choice” is similarly illustrated — not as a cartoon, but in a pure and naturalist style — by McCullough’s 80-year-old aunt Maryanne Smith, an acclaimed nature artist from Pennsylvania. 

“I grew up a chubby child who was bullied and weight-shamed by my peers and even by teachers and staff in grade school,” McCullough said. “I hope that by sharing this story, any child who might be dealing with these issues and feelings can find the strength to talk about it with their parents and learn self-care. 

“Of course, I also hope the story might thwart a bully or two, providing a teachable moment for them that our individuality is powerful, and compassion is paramount in any friendship,” McCullough said.

The story follows its hero, Chubby, a sensitive young bear cub with a rare talent for befriending honeybees and perhaps enjoying too much of their honey. Bullied by other bear cubs in the forest, Chubby finds solace by retreating up in the air, high in the branches of the redwood trees. One day, Chubby’s mood gets lifted by his forest friends — a sweet raccoon and a wise beaver — and Chubby embarks on a journey to reclaim his self-esteem, choosing to teach the other cubs a lesson along the way. Ultimately, Chubby takes the high road and shows others he is emotionally mature enough to stand up for himself while showcasing his strengths in a thrilling culmination of the tale, which ends happily for all.

Available now, the book invites readers of all ages to embark on a powerful journey of self-discovery and empathy and helps foster essential conversations and empower the next generation. 

“This magical story touched my heart and reminded me how, as a mother of two fabulous daughters, I always had my eye on bullying, particularly when it came to body shaming. Bullies teach us all how not to behave! Conversely, I taught my girls that staying connected with their bodies and loving and sharing their unique gifts with others were some of the healthiest ways to care for themselves and live fulfilled lives. Life is indeed a gift, so like Chubby, let’s all choose love, acceptance, and kindness!” — Melora Hardin, Emmy-nominated star (“The Office,” “Transparent,” “Dancing with the Stars,” “Monk”)

“Chubby the Bear’s Big Choice” by Daryl McCullough 
ISBN: 9781665749640 (Softcover); 9781665749664 (Hardcover); 9781665749657 (Ebook)

About the Author

Daryl McCullough is a professional writer and marketing communications executive who loves creative expression. He lives and works in the Los Angeles area with his husband George Griffin; together, they have a marketing communications and social media business, McGriffin Media. He is formerly CEO and now Chair Emeritus of Citizen Relations, a global brand marketing firm. The family adores their dog, Ferdinand, named after another delightful book. 

About the Illustrator

Maryanne Smith is a talented 80-year-old artist. She has designed and painted many high-end wallpaper designs for the premier York Wallcoverings. She has sold many works of art drawn from nature, and “Chubby the Bear’s Big Choice” is her follow-up to “The Story of Tree and Cloud.” She is from York County, Pennsylvania. Prints of images from each book are available for purchase.

Contact Information:
Melissa Penn
melissa@mielpr.com
323-605-3361


Original Source: New Children’s Picture Book Addresses Bullying, Body Image, Weight-Shaming and Self-Esteem, Opening Opportunities for Important Conversations Between Kids and Adults
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