After Pushback, Rules Governing International Money Transfers Reworked
December 22, 2012
In the wake of industry resistance, the Consumer Financial Protection Bureau has revised one of its first initiatives on international money transfers. The regulator on Dec. 21 announced changes to its rules on remittances. The rules are meant to ensure that consumers maintain easy access to money transfers while enjoying sufficient protection from hidden fees and questionable terms. Industry participants, however, complained that the requirements presented an undue burden. In response, the CFPB is extending greater flexibility and clarity in terms of disclosing taxes and fees; it also said it would delay the effective date of the rule, which was originally set to take effect in February. "Today's proposal will ensure consumers have continued access to remittance transfer services while making compliance easier for remittance transfer providers," said CFPB director Richard Cordray.
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