The Consumer Financial Protection Bureau has revised its rule that “creates certain protections for consumers who transfer money internationally,” the agency said in a press release.
The CFPB ruled that remittance transfers must disclose certain fees charged by agents or intermediary institutions, and revised rules surrounding losses from incorrectly entered account information as well.
“We are dedicated to protecting consumers who send money abroad and to preserving their access to these services,” said CFPB Director Richard Cordray. “Today’s final rule achieves these goals by maintaining the rule’s crucial new consumer protections while facilitating compliance for providers of remittance transfers.”
The CFPB also extended the effective rule date to October 28, 2013, giving financial institutions an additional half-year to comply with its guidelines.
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