OCC Updates Remittance Transfer Exam Procedures

On 8/2/2021, the OCC released Bulletin 2021-33 which provides the OCC’s supplemental examination procedures on remittance transfers. The examination procedures are prepared for use by OCC examiners as a supplement to the Federal Financial Institutions Examination Council's interagency Electronic Fund Transfer Act (EFTA) procedures that the OCC adopted in 2019. In addition, this bulletin summarizes the Consumer Financial Protection Bureau's (CFPB) Regulation E amendments regarding remittance transfers that became effective in July 2020. The CFPB has exclusive Regulation E rulemaking authority and supervisory jurisdiction for banks with assets over $10 billion. The OCC has Regulation E supervisory jurisdiction for banks with assets of $10 billion or less.

The OCC Bulletin 2021-33 can be found here.

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