CFPB Says Brazil, China Among Remittance Safe Harbors

Law360, New York (September 28, 2012, 3:12 PM EDT) -- The U.S. Consumer Financial Protection Bureau on Wednesday released a list of five countries, including Brazil and China, that are exempt from new protections on remittance transfers because local laws make it impossible to determine the exact amount performing such transactions would cost.

Aruba, Libya and Ethiopia are the other three safe harbor countries for which U.S. banks will not have to give an exact accounting of transaction fees for the electronic money transfers when the rule goes into effect in February, the CFPB said. Instead,...
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