U.S. Consumer Bureau Revises Wire-Transfer Rule

April 30, 2013
Dow Jones Newswires 
consumer financial protection bureau news

The Consumer Financial Protection Bureau has revised rules designed to protect consumers who send money overseas. In response to financial industry concerns over fee disclosures and other "costs and compliance challenges," the CFPB said it will now be optional to disclose foreign taxes as well as fees charged by banks that receive wire transfers. However, wire transfer providers must disclose that these fees and taxes may apply. In addition, to protect consumers, if money is deposited in the wrong account because the sender did not provide the correct account number, the wire transfer provider will now be required to try to recover the money and will be required to pay for the cost of money that cannot be recovered.
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