Remittance transfer rule to be placed on temporary hold

Institutions providing international remittance transfers will have a little extra time to comply with new rules from the Consumer Financial Protection Bureau. The CFPB said a forthcoming proposal will refine three elements of its rule pertaining to international remittance transfers. The proposed adjustments are intended to facilitate implementation and compliance with the rule’s requirements while maintaining new consumer protections. The CFPB will also propose an extension of the rule’s effective date.