Despite the urging of many industry commenters that it eliminate altogether the requirement for remittance transfer providers to disclose recipient institution fees, the CFPB chose not to go that far in the revisions to its remittance transfers rule that it finalized last week. However, the revised final rule does recognize some business realities and restricts… More >
Category Archives: Remittance Transfers
Subscribe to Remittance Transfers RSS FeedCFPB complaint system now taking money transfer complaints
Posted in CFPB General, Remittance TransfersThe CFPB announced yesterday that it is now accepting complaints about money transfers. Last week, the CFPB announced it had expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category includes complaints about auto loans and leases). The database was previously limited… More >
CFPB delays remittance transfer rule effective date
Posted in Remittance TransfersThe CFPB has issued a final rule delaying the effective date of the remittance transfer rule pending finalization of its December 2012 proposal to make changes in three areas. The effective date had been set for February 7, 2013. In addition to the substantive changes, the CFPB had proposed to delay the effective date until… More >
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