CFPBs First Final Rule Addresses International Remittance Transfers
January 31, 2012
BY KEVIN L. PETRASIC
The Consumer Financial Protection Bureau's (CFPB ) Final Rule and a concurrent Proposed Rule address new requirements imposed by the Dodd-Frank Act on international money transfers initiated by consumers in the U.S. through a nonbank financial firm or an insured depository institutions.
The Final Rule implements section 1073 of the Dodd-Frank Act, which requires the CFPB to create a comprehensive system of consumer protections for remittance transfers. The Proposed Rule seeks comment on various issues related to the Final Rule, including whether additional regulatory action should be taken to reduce the compliance burden imposed on companies covered by the Final Rule and to increase the benefits to consumers under the CFPBs regulatory regime with respect to international money transfers.