Pub. 2 2012-2013 Issue 3

16 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S • A prepayment disclosure and a receipt disclosure are required (though these can be combined in some circumstances). Information to be disclosed includes the transfer amount, fees and taxes imposed by the RTP, the exchange rate, fees and taxes imposed by other entities in the currency received by the recipient and the total to be received by the recipient. For receipts, the RTP must also disclose the date funds are available to the recipient, the recipient’s name, and (if provided) address and phone number and a statement of rights concerning error resolution and cancellation; • 180 days for a sender to complain of error. Note that the recipient’s name as provided by the sender trumps account numbers. If an RTP sends a remittance transfer to the correct account number provided by the sender, but the account is in the name of a different person, this will be considered an “error” and the RTP will be responsible for providing the correct funds to the correct recipient, even if it cannot obtain reimbursement for the original transfer. The Rule is very complex, and the risks are potentially sig- nificant, especially for smaller entities. The CFPB promises that a small business compliance guide is in the works.  network with banks across Colorado. If we succeed, we can quite literally change the trajectory of the lives of millions of students. It’s important that we do.” Powered by EverFi. Sponsored by you. EverFi’s unique model brings banking leaders into the education innovation movement by enabling them to license and private-label EverFi learning platforms in local schools. EverFi sits in the background. These are your programs, your technology, your brand, and your education results in the communities that are important to you. Part of what makes EverFi unique is their ability to build strong relationships with local school districts. Their energetic implementation specialists know teachers and superintendents personally, making it easy for banks to get into schools and quickly scale their programs to hundreds of students.  To learnmore about bringing the EverFi Financial Literacy Platform to your community, please contact Lara Loveman at 202-656-7540 or lara@everfi.com.  FINANCIAL LITERACY – continued  REMITTANCE TRANSFER RULE – continued Find out how targeted advertising can produce real, measurable results for your organization. ADVERTISE AND GET RESULTS Dani Gorden, Advertising Sales 801.746.4003 | dani@thenewslinkgroup.com REACHYOUR TARGETAUDIENCE AFFORDABLY