CFPB Pitches Wider Safe Harbor For Int'l Money Transfers

Law360 (December 3, 2019, 10:11 PM EST) -- The Consumer Financial Protection Bureau said Tuesday that it wants to exempt more financial institutions from having to comply with a set of requirements around sending money internationally for consumers, regulations that some in the banking industry have blamed for raising costs and driving away smaller providers.

The CFPB said in a rulemaking notice that it is proposing to widen a safe harbor in its so-called remittance rule, which sets out requirements on disclosures, cancellations, error resolution and refunds for retail money transmitters, banks, credit unions and other financial institutions that offer international money transfers, or remittances.

Under the current safe...

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