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In a move to protect consumers sending international money transfers, the Consumer Financial Protection Bureau (CFPB) has published its final remittance rule. This rule, based on the Electronic Fund Transfer Act, amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes certain protections for consumers sending remittances.
Prior to the Dodd-Frank Act, remittance transfers largely fell outside the scope of Federal consumer protection laws. However, with the new rule, consumers can now expect greater transparency and fairness in the remittance process.
The rule requires organisations processing remittance transfers to disclose the exchange rate, fee including any third-party fees, and the amount the recipient will receive net of these fees in the recipient currency. This will help consumers make informed decisions and avoid unexpected costs.
There are exceptions allowed for estimating some of these costs, particularly when dealing with foreign exchange rates which can fluctuate rapidly.
Organisations processing less than 500 transfers per year are exempt from the rule, providing relief for smaller entities in the remittance market.
The CFPB published its latest rulemaking package on remittance transfers in November 2021. This rule is a significant step forward in ensuring consumers are treated fairly when sending international money transfers. The rule aims to promote transparency, protect consumers, and provide a level playing field for businesses in the remittance industry.
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