The CFPB has issued proposed amendments to the Remittance Transfer Rule that preserves new consumer protections while enabling compliance with the rule. Implementation is expected to be completed within 90 of the issuance of a final rule by the CFPB. Under the final rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer. The rule also provides consumers with error resolution and cancellation rights.
Read more: CFPB Press Release