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CFPB Adopts Disclosure Rule on Remittance Transfers

The CFPB issued a final rule requiring a number of disclosures in connection with remittance transfers, including the obligation to disclose (i) exact exchange rates, (ii) fee amounts and (iii) the exact money amount the recipient should expect to receive.

The final rule will go into effect on July 21, 2020.

Primary Sources

  1. CFPB Press Release: Consumer Financial Protection Bureau Issues Final Remittance Rule
  2. CFPB Final Rule: Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)

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Tags

Regulated Activities
Disclosures Funds Transfer
Regulated Entities
Other Financial Firms
Sub-Entity
Money Service Businesses
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
CFPB