CFPB proposes amendment on remittances

The Consumer Financial Protection Bureau (CFPB) issued a proposed amendment on disclosure requirements for certain international money transfers or remittances. The rule would require clarification on certain disclosures for consumers to contact their remittance company regarding money transfer issues.

The CFPB’s statement says: “The proposal can potentially save consumers time by resolving their inquiries more quickly. Additionally, it may reduce the number of inquiries sent to states and the CFPB that would be more appropriately addressed initially by the providers themselves.”

The Bureau is seeking public comment on the proposal until Nov. 4.