CFPB Proposes to Revise Remittance Transfer Rule Including Extending Implementation Period
On December 21, 2012, the Consumer Financial Protection Bureau (CFPB) issued proposed revisions to their international remittance rule, including a proposal to extend the implementation period until 90 days after it issues a revised final rule. The proposal builds on a final rule on international money transfers that was published by the CFPB on February 7, 2012, and later supplemented on August 20, 2012. Under the final rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer. The rule also provides consumers with error resolution and cancellation rights.
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