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ARTICLE · 01 OCTOBER 2024

CFPB Revises Disclosure Requirements For Remittance Providers

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On September 20, the CFPB announced a proposed rule which would make a minor yet noteworthy amendment to the guidelines for the disclosures that remittance providers are required to provide to consumers in connection with certain international money transfers, or remittances.

United StatesFinance and Banking
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On September 20, the CFPB announced a proposed rule which would make a minor yet noteworthy amendment to the guidelines for the disclosures that remittance providers are required to provide to consumers in connection with certain international money transfers, or remittances.

Under the Electronic Fund Transfer Act and Regulation E, remittance companies are required to provide senders with a disclosure at the time of payment, which includes essential information on the receipt, such as contact details for both state regulators and the CFPB. The current rule governing these disclosure informs remittance senders they can contact the appropriate state licensing agency or the CFPB with their questions or complaints.

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