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Category: Data, research, and reports |
Published

Bureau releases its assessment report of the Remittance Rule

The Bureau of Consumer Financial Protection released the findings of its assessment of the Remittance Rule, which provides protections to international money transfers. The report describes the Rule, the market, and the Bureau’s findings on the Rule’s effectiveness in meeting factors outlined in the Dodd-Frank Act.

Category: Data, research, and reports |
Published

Understanding Consumer Experiences: Insights from CFPB’s 2016 Consumer Response Annual Report

We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016. 

Category: Info for consumers |
Published

What’s on your international money transfers paperwork?

If you send money to other countries, you can now get more information about exchange rates and costs before you pay for the transfers. That’s because of a new federal rule that went into effect at the end of October. Here’s a closer look at the information you’ll receive before and after you send money, […]

Category: Policy and compliance | Category: Info for consumers |
Published

Send money abroad with more confidence

Today, you have new rights if you send money to family or others outside the United States. These protections come from a new rule that applies to electronic money transfers sent by consumers in the United States to people or businesses in other countries. In general, the rule covers transfers sent by companies – such […]

Category: Policy and compliance |
Published

Updates to remittance transfer rule resources and a correction to the rule

We strive to make financial markets work for both consumers and the entities we regulate. Critical to that goal is making sure that businesses – both small and large – have what they need to understand and comply with our new regulations, which are designed both to help consumers and make a fair playing field […]

Category: Info for consumers |
Published

Now accepting money transfer complaints

It’s pretty incredible that you can quickly send money to almost anywhere in the country or abroad. Many people do so on a daily basis and starting today you can submit a money transfer complaint if you have an issue such as: Money was not available when promised Wrong amount charged or received (Transfer amounts, […]

Category: Policy and compliance |
Published

Temporarily delaying the implementation of our international remittance transfer rule

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. In November, we announced that we would be proposing to make some limited amendments to our new international remittance transfer rule. We also announced that […]

Category: Policy and compliance |
Published

Proposed changes to the remittance rule and an extension of rule’s effective date

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. Today we issued a bulletin explaining that we intend to propose certain limited adjustments to our rule on international money transfers, as well as a […]

Category: Policy and compliance |
Published

Helping small businesses understand and comply with the new remittance rule

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The compliance guide announced on this blog post is now out of date. Please see the remittance rule page for the latest version. Update November […]

Category: Policy and compliance | Category: At the CFPB |
Published

Remittance Rule Session

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The live session discussed below is now out of date. Please see the remittance rule page for an updated compliance video. Updated on November 27, […]

Category: Policy and compliance |
Published

Working to help industry understand and comply with the new remittance rule: Countries list and webinar

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The rule to implement the consumer protections created by the Dodd-Frank Act for certain electronic transfers of funds to other countries – the remittance rule […]

Category: Policy and compliance | Category: Info for consumers |
Published

Remittance transfer rule: A personal perspective

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.