The Consumer Financial Protection Bureau (“CFPB”) has issued its final Rule on remittance transfers issued by consumers to recipients outside of the United States. The final Rule is effective October 28, 2013. Under the final Rule, the remittance provider must disclose its own fees and the fees of its agents, but it is optional for the provider to disclose the taxes and fees charged by others that are not agents.
The final Rule also changed the error resolution procedures, and the remittance provider is now only required to attempt to recover the funds if the consumer makes a mistake in the account number or the routing number of the financial institution and the funds are credited to the wrong account.