CFPB Loosens Disclosure Rules For International Transfers

Law360, New York (April 30, 2013, 6:57 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday eased some disclosure requirements on its rule governing international money transfers that the bureau says will make it easier for banks to comply with the new standard.

The latest changes to the remittance rule makes optional the disclosure of foreign taxes and fees levied by foreign governments and financial institutions on money transfers and limits banks’ responsibility if funds are placed into an incorrect account.

“We are dedicated to protecting consumers who send money abroad and to preserving their...
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