The CFPB issued a final rule requiring a number of disclosures in connection with remittance transfers, including the obligation to disclose (i) exact exchange rates, (ii) fee amounts and (iii) the exact money amount the recipient should expect to receive.
The final rule will go into effect on July 21, 2020.
Primary Sources
- CFPB Press Release: Consumer Financial Protection Bureau Issues Final Remittance Rule
- CFPB Final Rule: Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)
Originally published 13 May 2020
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