CFPB Imposes New Rules on Remittance Disclosures
January 23, 2012
The Consumer Financial Protection Bureau issued a final rule Friday that will
impose new disclosure requirements for remittance transfers. Under the rule,
remittance transfer providers must disclose the fees, the exchange rate and the
amount of money to be received by the recipient. Providers must disclose the
information when the customer first requests the transfer, and again when the
payment is made. Consumers will generally have 30 minutes after payment is made
to cancel a transaction. The new rules, required by Dodd-Frank, provide for a
one-year implementation period. CFPB is also seeking comment on whether to make
a few final adjustments to the rule, including setting a threshold that would
minimize the impact of the regulation on community banks, credit unions and
other companies that do not normally process the transactions.
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