Thursday, September 23, 2021

OCC gives additional exam procedures for remittance transfers

The Office of the Comptroller of the Currency issued on Monday supplemental examination procedures on remittance transfers covered by Regulation E.

The supplemental procedures align the OCC’s supervisory approach with amendments to Reg E by the Consumer Financial Protection Bureau that took effect July 21, 2020.

The Reg E amendments permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customers about the cost of remittance transfers and increases the safe harbor threshold for identifying which banks are subject to the remittance rule’s requirements to 500 transactions.

The exam procedures apply to national banks and federal thrifts with assets of $10 billion or less. In addition to covering examination procedures for the amendments, the document also covers how examiners should determine whether a safe harbor exception applies.

You can click here to read the entire bulletin from the OCC.