CFPB Publishes Remittance Rule Exam Procedures

Law360, New York (October 22, 2013, 3:50 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday released the examination procedures its personnel will follow when determining whether firms are complying with a rule for governing international money transfers, which is set to take effect next week.

The remittance rule will force firms that provide 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 recipient.

The CFPB's examiners will look over companies' records to determine whether...
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