NEWS on Payments

Contact ICBA Bancard
Tel: 800-242-4770

CFPB Seeks Feedback on Remittance Rule

Apr 26, 2019
The Consumer Financial Protection Bureau requested information on its final rule on remittance transfers following its five-year review of the rule.

The rule mandates remittance disclosures, error-resolution procedures, and cancellation and refund policies for companies that send international money transfers on behalf of consumers.

The CFPB is requesting feedback on (1) whether to propose changing the remittance transfer providers covered by the rule and (2) the expiration of a temporary exception allowing certain institutions to provide estimates of exchange rates and fees.

Read More from CFPB