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. 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.
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.
Read more on the Remittance Rule assessment findings in the report.