Last week, the Consumer Financial Protection Bureau (CFPB) issued proposed revisions to a rule designed to protect consumers who transfer money internationally by requiring remittance transfer providers to "disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer," according to a press release from the bureau (see the Nov. 30, 2012, blog post — "CFPB will revise money-transfer rules amid concerns from banks"— for more information). The proposed changes would provide "increased flexibility and guidance" regarding disclosure of foreign taxes and institution fees, and would protect providers from having to bear the cost of unrecoverable funds if it can be demonstrated that "the consumer provided an incorrect account number and certain other conditions are satisfied," the release said. Additionally, the proposed rules would eliminate the requirement that taxes imposed by foreign regional, provincial, state or other local governments be disclosed, while requiring such disclosure for foreign taxes imposed by a country's central government, the release said. For more, read the full press release.
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CFPB issues proposed revisions to money-transfer rules
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