June 6 - NACHA — The Electronic Payments Association has announced the launch of its 1073 Solutions Center. The 1073 Solutions Center provides information, tools and resources to drive understanding of Section 1073 of the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd Frank 1073), the regulation for international remittances, and identifies available solutions to help financial institutions meet compliance and business needs.
“NACHA is pleased to launch the 1073 Solutions Center,” said Janet O. Estep, NACHA president and CEO. “With the recent issuance of the final Dodd Frank 1073 regulation, financial institutions and remittance transfer providers now have greater clarity around requirements of the new rule. It is our hope that the 1073 Solutions Center will help facilitate further understanding of the regulation, and support financial institutions and remittance transfer providers as they work to offer their customers valuable international money transfer services.”
Dodd Frank 1073 establishes a regulatory framework for governing international remittance transfers originated by U.S. consumers. The regulation seeks to provide protections to U.S. consumers by requiring that remittance transfer providers disclose certain fees and taxes, and foreign exchange rates, and providing consumers with error resolution and cancellation rights. On April 30, the Consumer Financial Protection Bureau issued a revised rule that modified the original rule published on February 7, 2012 and supplemented on August 20, 2012. The revised rule helps further facilitate industry compliance by making the requirement to disclose foreign taxes or fees imposed by a recipient institution optional, and removing the liability imposed on providers when funds are deposited into the wrong account because of sender error. The final rule takes effect Oct. 28, 2013.
For more information about Dodd Frank 1073 and solutions to help with compliance, visit NACHA’s 1073 Solutions Center at https://www.nacha.org/1073-solutions-center.
About NACHA — The Electronic Payments Association
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network provides a safe, secure and reliable network for direct account-to-account consumer, business and government payments. Annually, it facilitates billions of direct deposit via ACH and direct payment via ACH transactions. Used by all types of financial institutions, the ACH Network is governed by the fair and equitable NACHA Operating Rules, which guide risk management and create payment certainty for all participants. As a not-for-profit association, NACHA represents more than 10,000 financial institutions via 17 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to foster dialogue and innovation to strengthen the ACH Network. To learn more, please visit www.nacha.org, www.electronicpayments.org, www.payitgreen.org, and http://direct.nacha.org.