CFPB Issues Amendments to the Remittance Transfer Rule

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The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending the Remittance Transfer Rule. In light of the expiration of a statutory exception in July 2020, the amendments allow banks and credit unions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet certain conditions. The final rule also increases the threshold that determines whether an entity is subject to the Remittance Transfer Rule. The final rule is available here.

The CFPB has provided an unofficial redline illustrating the changes that the final rule makes to the Remittance Transfer Rule and an executive summary of the final rule. These resources are available here.

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