WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The proposed rule would bring new oversight to larger nonbank international money transfer providers, to make sure they are adhering to the CFPB’s new protections for consumers sending money abroad.
Written Testimony of Director Cordray Before the Senate Committee on Banking, Housing and Urban Affairs
Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, and helping them improve their financial lives.
Multilingual Multimedia Campaign Focuses on Transparency and New Protections WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is launching a nationwide multimedia campaign to inform consumers who send money internationally about new protections that go into effect today. The protections are contained in a rule that was finalized earlier this year. “Knowing how the […]
El CFPB Lanza Campaña Educativa Sobre Nuevas Medidas de Protección para Transferencias Internacionales de Dinero
La campaña se centra en la transparencia y las nuevas medidas de protección WASHINGTON, D.C.— La Oficina para la Protección Financiera del Consumidor (CFPB, por sus siglas en inglés) está lanzando una campaña multimedia a nivel nacional para informar a los consumidores que envían dinero al exterior sobre las nuevas medidas de protección que entran […]
The Consumer Financial Protection Bureau (CFPB) today published the procedures it will use in examining institutions that make remittance transfers for consumers. The Bureau is also releasing eRegulations, an online tool designed to make regulations easier to understand.
The remittance rule creates a comprehensive consumer protection regime for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.
Today’s proposal builds on a final rule on international money transfers that was published by the Bureau on February 7, 2012, and later supplemented on August 20, 2012. The final rule creates a comprehensive consumer protection regime for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.
The rule implements new protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act that require remittance transfer providers to disclose fees upfront, as well as the exchange rate and the amount to be received by the recipient.
Under the new rule, remittance transfer providers will generally be required to disclose the exchange rate and all fees associated with a transfer so that consumers know exactly how much money will be received on the other end.
A report released today by the Consumer Financial Protection Bureau (CFPB) recommends principles for maximizing consumers’ ability to receive and use exchange rate information when making remittance transfers, and examines the incentives and challenges related to using remittance data in credit scores.