CFPB proposes amendment to remittance transfer rule

The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed amendment would provide consumers clearer information about the types of inquiries that may be better handled by their remittance company before contacting the CFPB or the relevant state regulator.

The Electronic Fund Transfer Act and Regulation E require remittance companies to give senders a disclosure at the time of payment, including on a receipt. This disclosure must include contact information for both state regulators and the CFPB.

Read the CFPB release here.