CFPB Eases International Money Transfer Rule

Law360, New York (August 7, 2012, 6:12 PM EDT) -- The U.S. Consumer Financial Protection Bureau on Tuesday updated its rule requiring greater disclosures and other consumer protections on international electronic money transfers, exempting financial institutions that handle 100 or fewer transfers per year.

The rule, slated to go into effect in February 2013, requires institutions that provide international electronic money transfers — also known as remittance transfers — originating in the U.S. to disclose their fees to customers up front, as well as the exchange rate and the amount to be received by the transfer's...
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