On August 22, 2014, the CFPB issued final revisions to the remittance rules which extend the temporary exception to the rule to allow federally insured financial institutions such as banks and credit unions to estimate third-party fees and exchange rates for remittance transfers for which financial institutions cannot determine exact amounts. The CFPB final rule extends the exception until July 21, 2020 to allow the financial institutions subject to the rule additional time to develop ways to provide exact fees and exchange rates for all remittance transfers.
The full text of the CFPB final rule is available at:
http://www.consumerfinance.gov/f/201408_cfpb_final-rule_intl-money-transfer-small-entity.pdf .
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