CFPB guides CUs on remittance rules, offers webinar
09/28/2012 09:45 am
The rule to implement the consumer protections created by the Dodd-Frank Act for certain electronic transfers of funds to other countries – the remittance rule – will go into effect on Feb. 7, 2013.
The new remittance rule will require remittance transfer providers to disclose the exchange rate, all fees associated with a transfer, and the amount of money that will be received on the other end. Remittance transfer providers also will be required to investigate disputes and correct errors. The CFPB has provided a safe harbor exemption from the rule for remittance providers that transact 100 or fewer remittances per year.