The Consumer Financial Protection Bureau today proposed a “narrowly tailored” rule to amend disclosure requirements for certain international money transfers, or remittances. Specifically, the rule would change certain disclosures to clarify that consumers should contact their remittance company for issues specific to their money transfer, according to the bureau.
The Electronic Fund Transfer Act and Regulation E require remittance companies to give senders a disclosure at the time of payment, including on a receipt, the CFPB said. Such disclosures must include contact information for both state regulators and the bureau.
The proposal would potentially save consumers time by resolving their inquiries more quickly, the CFPB said. “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 deadline for public comments on the proposed rule is Nov. 4.
