The CFPB announced Friday revisions to its rules on so-called remittances to ensure that consumers can maintain easy access to such transfers while being adequately protected from hidden fees and murky terms. It also said it was delaying the effective date of the rule, which was originally set to take effect in February.
“We are dedicated to bringing new protections to consumers who want to send money internationally,” said CFPB Director Richard Cordray. “Today’s proposal will ensure consumers have continued access to remittance transfer services while making compliance easier for remittance transfer providers.”
The CFPB originally finalized the rules in January as one of its first completed projects since beginning work in 2011. The goal of the new rules is to ensure that consumers know exactly how much they will be charged by companies for making international transfers, as well as how much money will actually arrive at the other end when the transaction is completed and exchange rates are taken into account.