|CFPB Sets Oct. 28 Remittance Compliance Date|
|Thursday, 02 May 2013 14:26|
As expected, the Consumer Financial Protection Bureau didn’t implement any changes credit unions were seeking to its final remittance rule, but the regulator did give remittance providers six months to comply, announcing an Oct. 28, 2013 effective date.
In the final rule issued Tuesday, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer.
The rule also provides consumers with error resolution and cancellation rights. Read More