WASHINGTON—The Consumer Financial Protection Bureau has 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 CFPB said.
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, the agency said.
The 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,” the CFPB said.
Read the proposed rule, Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E).