CFPB Finalizes Revisions to its Remittance Transfer Rule and Establishes New Effective Date

Author(s): Federal Reserve Bank of San Francisco

On April 30, 2013, the Consumer Financial Protection Bureau (CFPB) issued a rule (2013 Final Rule) to modify the final remittance transfer rules issued in February, July, and August 2012 (collectively the 2012 Final Rule) that implement Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers.