Published on People Move

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Thank you to all who attended yesterday’s live seminar/webinar on the ‘Latest Trends in Migration and Remittance Flows Worldwide’. The session focused on the continued resilience of remittance flows to the developing world, and globally, despite the continued fallout from the global financial crisis. In my presentation, I reported on the latest trends in remittances and migration flows and discuss a new World Bank initiative on migration and development, the Global Knowledge Partnership on Migration and Development (KNOMAD).

Many of you have requested a copy of my powerpoint presentation from the session, so here it is.

And yesterday CFPB issued a bulletin suggesting an extension of the effective date for the US Remittance Rule by 3 months, and some loosening of requirements for service providers in the following areas: Situations in which a sender provides an incorrect account number to a remittance transfer provider; Disclosure of third party fees and foreign taxes; and Disclosure of regional and local taxes assessed in foreign countries. To quote from the CFPB Bulletin 2012-08,

"The CFPB expects to issue a notice of proposed rulemaking next month to explain the changes in detail and to seek public comment. After considering the public comments, the Bureau will issue a final rule as quickly as possible. The Bureau anticipates proposing to extend the effective date on the original rule until 90 days after it finalizes the proposal. Based on current expectations, this would mean that the effective date for the remittance transfer rule will be during the spring."


Dilip Ratha

Lead Economist and Economic Adviser to the Vice President of Operations, Multilateral Investment Guarantee Agency, World Bank

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