CFPB Proposes Revisions to Remittance Transfer Rule

The CFPB has issued proposed revisions to the remittance transfer rule that creates certain protections for consumers who transfer money internationally. The proposed revisions are narrow in focus and intended to preserve the new consumer protections while facilitating compliance with the rule.

Under the final rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer. The rule also provides consumers with error resolution and cancellation rights.

The proposed changes are narrowly targeted to address the rule’s provisions on:

• Disclosure of Foreign Taxes and Institution Fees
• Disclosure of Subnational Taxes in Foreign Country 
• Errors from Incorrect Account Information:

The CFPB is also proposing to extend the implementation period until 90 days after it issues a revised final rule.

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