Comments due on CFPB Remittance Transfers info request
The Bureau has issued a Request for Information (RFI) on its Remittance Rule, which imposes requirements on companies that send international money transfers, or remittance transfers, on behalf of consumers. Information is requested on two aspects of the Remittance Rule:
- Information about the number of remittance transfers a provider must make to provide them in the normal course of business, and information on incorporating a small financial institution exception into the Rule.
- Information about the expiration of a temporary exception in the Rule that allows certain insured institutions to estimate the exchange rate and certain fees they are required to disclose when sending remittance transfers. The statutory provision authorizing the temporary exception expressly limits its length and does not provide the Bureau the authority to extend the exception beyond July 21, 2020.