CFPB Proposes Amendment to Remittance Transfer Rule

WASHINGTON, D.C. - Today, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed amendment would provide consumers clearer information about the types of inquiries that may be better handled by their remittance company before contacting the CFPB or the relevant state regulator.

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. This disclosure must include contact information for both state regulators and the CFPB.

Today's proposed rule would amend certain disclosures to clarify that consumers should contact their remittance company for issues specific to their money transfer. 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.

Read the proposed rule, Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E).

The CFPB encourages comments from the public and all interested stakeholders. The proposed rule will be published in the Federal Register, and the public will have until November 4, 2024, to submit their comments.

Consumers can submit complaints about financial products and services by visiting the CFPB's website or by calling (855) 411-CFPB (2372).

Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to [email protected]. To learn more about reporting potential industry misconduct, visit the CFPB's website.