Industry Worries Force CFPB To Edit Remittance Transfer Rule

Law360, New York (November 27, 2012, 5:06 PM EST) -- The Consumer Financial Protection Bureau on Tuesday announced plans to refine requirements that banks take responsibility for faulty information provided by customers and other segments of its rules for small international money transfers.

Along with making the change, the CFPB said that it would ease up on the disclosure requirements included in the original rule for local taxes and third-party fees in the foreign destination for international electronic money transfers, also known as remittance transfers. The bureau will also delay the implementation date for the rule...
To view the full article, register now.