CFPB Shines Spotlight On Consumer Remittance Transfers

By Michelle Rogers, Edward Somers and Lauren Quigley (July 26, 2017, 11:35 AM EDT) -- The Consumer Financial Protection Bureau recently closed a 60-day public comment period[1] on a plan to conduct an assessment of the effectiveness of its May 2013, final rule governing consumer remittance transfers under Subpart B of Regulation E (remittance transfer rule).[2] The remittance transfer rule governs the transfer of money by consumers to recipients located overseas and has been routinely blamed by industry participants and trade associations for increased costs, declining market participation and higher prices for consumers. The planned assessment will focus on (1) "whether the market for remittances has evolved ... in ways that promote access, efficiency, and limited market disruption;" and (2) whether the remittance transfer rule (and other CFPB regulatory activity) has "brought more information, transparency, and greater predictability of prices to the market."[3]...

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