As a child of South Asian immigrants, I recall my parents frequently sending money back to our family and friends in India. They would use a service to send money but they never fully understood the process, were charged numerous, unexplained fees, and felt powerless if any errors were made. Unfortunately, other immigrant families and other consumers who must send remittance transfers have had similar experiences, which is why advocates have been calling for greater protections around these transfers of money, or remittance transfers.
Now, with direction from Congress through the Dodd-Frank Act, the CFPB has changed that. We adopted new rules that will go into effect in February 2013. Check out our blog to learn more.