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CFPB: Proposed Changes to the Remittance Rule and an Extension of the Rule’s Effective Date

The CFPB issued a bulletin announcing that the Agency will propose certain limited adjustments to its rule on international money transfers, as well as a brief extension of the date the rule would become effective.

According to the CFPB, the proposed changes are intended to address what should happen if a consumer provides an incorrect account number for a transfer, as well as how remittance providers must disclose certain third-party fees and foreign taxes.

Click here to learn more about the proposed changes (links externally to CFPB website).

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