The CFPB recently issued examination procedures for its remittance rule to help international remittance providers understand how they will be examined on disclosures, error resolution, and refund and cancellation rights. In February 2012, the CFPB issued a final rule outlining how covered providers of remittance transfers should disclose costs, provide refunds and otherwise treat consumers who send money abroad. Transactions under $15 and companies that consistently provide 100 or fewer remittance transfers each year are exempt from the rule.
CFPB examiners will use the procedures as a guide to ensure compliance with the federal consumer protection remittance rule, including required disclosures, error resolution procedures, and consumer refund and cancellation rights, as well as UDAAP concerns. The rule recently became effective on October, 28, 2013.