Remittance rule assessment report
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Bureau of Consumer Financial Protection (Bureau) to review some of its rules within five years after they take effect. These formal reviews are called assessments. The Bureau’s Remittance Rule took effect on Oct. 28, 2013, and this report publishes the findings of the Bureau’s assessment of the Remittance Rule. In general, the Remittance Rule gave certain protections to consumers that send remittance transfers from the United States to another country. In its assessment, the Bureau used both its own research and external sources to evaluate the effectiveness of the Remittance Rule in meeting the purposes and objectives of the Bureau, and the specific goals of the Remittance Rule stated by the Bureau prior to the Rule’s effective date.
The Bureau amended the report in April 2019 to correct an understatement of the dollar volume of remittance transfers by banks in the original report. As such, the share of the remittance dollars transferred by banks has increased. None of the conclusions of the report are affected.