The CFPB has announced it will temporarily delay the effective date of the international remittance transfer rule. The remittance rule had been slated to go into effect on February 7, 2013. A new effective date will be announced later this year.
The new rule is designed to preserve consumer protections while helping remittance transfer providers comply with the rule. The proposal also includes a provision to extend the effective date until 90 days after we issue a revised final rule.
Comments may be submitted before January 30, 2013 on the remainder of the proposal, including the new effective date.
Read the final rule.