CFPB Bulletin on Proposed Changes to Remittance Rule

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On November 27, the CFPB issued a bulletin explaining the CFPB’s intent to propose limited adjustments to its rule on international money transfers as well as an extension of the date the rule will become effective until the spring of 2013. The proposed changes will address what should happen if a consumer provides an incorrect account number for a transfer and how remittance providers must disclose certain third-party fees and foreign taxes. CFPB Bulletin.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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