CFPB Proposes Remittance Rule Revisions

The Consumer Financial Protection Bureau (CFPB) is proposing a revision to its remittance rules that would require transfer providers to disclose certain taxes and fees, according to ConsumerAffairs.

“We are dedicated to bringing new protections to consumers who want to send money internationally,” said CFPB Director Richard Cordray. “ [The proposals] will ensure consumers have continued access to remittance transfer services while making compliance easier for remittance transfer providers.”

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