The CFPB requested feedback on the efficacy of the Remittance Rule, which requires companies to disclose certain information concerning their customers' international money transfers and remittance transfers.
Under the Rule, "remittance transfer" is defined as the electronic transfer of funds by a sender in any state to designated recipients located in foreign countries that are initiated by a remittance transfer provider. These providers are generally required to make certain disclosures in connection with such transactions.
The CFPB requested comments on whether it should change the covered remittance transfer providers under the Rule. The CFPB also solicited feedback on its temporary exception (expiring on July 21, 2020) for certain insured institutions, which allows those institutions to estimate the exchange rate and other fees that must be disclosed when sending remittance transfers.
Comments on the Rule and proposed changes must be submitted by June 28, 2019.
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