The Bureau’s 2013 Remittance Rule was intended to bring new consumer protections to international money transfers. The Remittance Rule requires remittance transfer providers to give consumers disclosures showing costs, fees and other information before they pay for a remittance transfer and to provide cancellation and refund rights. The Remittance Rule also requires remittance transfer providers to investigate disputes and remedy certain errors.
The Bureau released its report assessing the Remittance Rule today. The Bureau used both its own research and external sources to conduct its assessment and prepare its report. The Bureau expects that the report will help inform the Bureau’s future policy decisions concerning remittance transfers, including whether to commence a Rulemaking proceeding to make the Remittance Rule more effective in protecting consumers, less burdensome to industry, or both.