CFPB releases amended remittance transfer rule, sets compliance date

The Consumer Financial Protection Bureau finalized amendments intended to address compliance concerns related to international remittance transfer rules finalized in 2012. Certain fee disclosures required under the previously-released final rules are made optional by the new final rule. The bureau also made important changes to the 2012 rules’ error resolution requirements. Read on to learn about the final rule and when institutions will be required to comply with the CFPB’s complete set of money transfer requirements.