CFPB proposes amendment to remittance transfer rule

The Consumer Financial Protection Bureau issued a proposed rule with an amendment to disclosure requirements for certain international money transfers.

Details: The proposed amendment would provide consumers with information about the types of inquiries that may be better handled by their remittance company before contacting the CFPB or state regulators.

Background: The Electronic Fund Transfer Act and Regulation E require remittance companies to give senders a disclosure at the time of payment, including on a receipt. This disclosure must include contact information for both state regulators and the CFPB.

Input: The CFPB will accept comments (details here) from interested stakeholders until Monday, Nov. 4.