FedGlobal® ACH: Solving a Complex Regulatory Issue; Learn how the Federal Reserve’s insight turned the remittance transfer rule into a win-win situation

The Consumer Financial Protection Bureau’s (CFPB) remittance transfer rule implemented Reg E, Section 1073 of the Dodd-Frank Act, establishing new requirements for remittance transfer providers. Included in Section 1073 is a provision that temporarily exempts insured depository institutions from the general requirement to disclose the actual exchange rate and actual remitted amount prior to, and at the time of, payment. This exception expires on July 21, 2020. In order to help resolve this complex regulatory concern long-term, the Federal Reserve Bank made FedGlobal® a remedy for a complex ruling. The system utilizes the ACH Network, a lower cost rail system, to send cross-border ACH credit payments to more than 35 countries around the world. And it’s totally operational for credit unions who can apply or develop sending point technology tested and approved by the Fed. Join us to learn how the Federal Reserve’s insight helped turned the remittance transfer rule into a win-win solution. You’ll explore the dynamics of the FedGlobal system, and discover how it’s become easy for credit unions to meet each of the Section 1073 regulations.