A Symposium on 1073: Exploring the Final Remittance Transfer Rule and the Path Forward - September 6, 2012


Welcome and introductory remarks
Richard Fraher, Federal Reserve Bank of Atlanta

Overview of the Bureau's Remittance Transfer Rule
According to the World Bank, global remittance flows reached an estimated $483 billion in 2011. Until now, remittance transfers originating in the United States were not covered by a uniform set of federal consumer protection laws. A speaker from the Bureau of Consumer Financial Protection will provide an overview of the Remittance Transfer Rule and insights into how the rule was shaped.

Rebecca Smullin, Consumer Financial Protection Bureau
Dana Miller, Consumer Financial Protection Bureau
[Presentation Powerpoint]

Moderated panel discussion: "Impacts and Consequences"
The Remittance Transfer Rule has materially changed the framework for the rights and responsibilities among providers and consumers of remittance transfer services, creating new complexities and unanticipated challenges. Panelists will discuss in depth how different remittance transfer systems—including open and closed networks—operate, and the impact the Rule has had on such systems.

Aaron Henry, MoneyGram [Presentation Powerpoint]
Dan Lainsbury, Wells Fargo [Presentation pdf]
Jonathan Lear, Earthport [Presentation Powerpoint]
Avijit Nanda, TimesofMoney [Presentation Powerpoint]
Ky Tran-Trong, Visa [Presentation Powerpoint]

Cary Whaley, Independent Community Bankers of America

Moderated panel discussion: "How Will Parties in the Ecosystem Achieve Compliance?"
With an effective date of February 2013 for the rule, efforts are underway by remittance transfer providers to create compliance solutions that are operationally and financially feasible. Panelists will discuss progress their organizations have made toward accommodating the rule's requirements, at what points along the way they have faced challenges, and how they have used relationships with counterparties and intermediaries to facilitate compliance.

Krista Griffith, Western Union
Azba Habib, Federal Reserve Bank of Atlanta [Presentation Powerpoint]
Moises Jaimes, BBVA Bancomer Transfer Services [Presentation Powerpoint]
Whitney Stewart, SunTrust

Chris Daniel, Paul Hastings

Article 4A Issues
The Remittance Transfer Rule creates a number of legal uncertainties for participants in funds transfer systems. Panelists will describe the issues created by the intersection of the Remittance Transfer Rule and UCC Article 4A and the Regulation J fix for Fedwire services, as well as efforts underway by the American Law Institute and the Uniform Law Commission to address the gaps created by the rule.

Panelists: Presentation Powerpoint
Duncan Douglass, Alston & Bird
Stephanie Martin, Federal Reserve Board of Governors

Moderated panel discussion: "The Path Forward"
Providers of remittance transfer services face a number of compliance challenges that may significantly reshape the remittance business. Panelists will give their perspectives on the future of the remittance landscape, including the effect on costs of transactions, access to geographic corridors, choice of services, and the overall consumer experience. The discussion will encompass viewpoints on possible legislative and regulatory solutions.

Betsy Cavendish, Appleseed
[Appleseed Fair Exchange Principles pdfAppleseed's Remittance and Financial Access Work pdf | Fair Remittance Alliance: Vision and Mission pdfFairness for Migrants Sending Money Home pdf]
Alaina Gimbert, The Clearing House
Manuel Orozco, Inter-American Dialogue
Paul Trozzo, PNC Bank

Jane Larimer, NACHA