The intent of Section 1073 is to (i) provide consumers with transparency and certainty regarding the costs of low value, international transfers, (ii) establish consumer error resolution rights with respect to such transfers, and (iii) expand access to low cost, financial institution services for such transfers.Read the full letter.
Unfortunately, the final rules impose arbitrary and unworkable requirements on consumer-initiated international transfers of all sizes and purposes that will drastically curtail the availability of international transfers to consumers.
Thursday, August 16, 2012
Congress Members Urge Delay of Remittance Rule
Thirty-two members of Congress wrote a letter to CFPB Director Richard Cordray regarding the final CFPB rules implementing Section 1073 of the Dodd-Frank Act which focus on remittance transfers. In the letter the congress members urged the CFPB to delay the effective date of the remittance rules and to undertake a comprehensive study of the rules’ impact to avoid “irreparable harm to consumers.” From the letter: