NACHA Launches 1073 Solutions Center to Assist with Remittances Compliance; Baby Compliance Solutions 101
Written by JiJi Bahhur, Regulatory Compliance Counsel
Yesterday, NACHA â The Electronic Payments Association â announced the launch of its 1073 Solutions Center with the objective of providing greater clarity and understanding of the requirements from the international remittances regulation. The 1073 Solutions Center makes this possible by providing information, tools and resources, and available solutions to help financial institutions meet compliance and business needs with the regulation.Â
If youâÂÂre wondering what the âÂÂ1073â refers to, itâÂÂs because section 1073 of the Dodd-Frank Act establishes the regulatory framework for governing international remittance transfers originated by U.S. Consumers. The 1073 Solutions Center is NACHAâÂÂs resource center intended to assist with compliance of such section; and in doing so, NACHA has provided the four steps to 1073 compliance on the 1073 Solutions Center main page:
 âÂÂStep 1 - Read and understand the regulation.
Step 2 - Determine how many consumer international remittance transfers you have annually.
Step 3 - Evaluate your procedures to determine how they will adapt to be in compliance.
Step 4 - Identify solutions to meet your business needs.âÂÂ
Under each step, there is a wealth of information, resources, and solutions available. If you are a credit union that generates more than 100 consumer international remittance transfers per year, take some time to go to the 1073 Solutions Center and poke around. This is a great way to get any questions you may have had on the remittances regulation answered.
As a reminder, the final remittances rule takes effect October 28, 2013.
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Speaking of solutions, a couple nights ago, I was looking at two pictures I snapped of my kids. Unfortunately, and to my disappointment, neither picture was perfect: in the first picture, Kyse was looking up, but Ava was looking down; and in the second picture, vice versa. Baby Compliance Solutions 101: associate yourself with talented friends who can take the good parts of each picture and turn it into one perfect picture!  Now, I'd say that is a solution!
