Published: August 2012

Protecting foreign transactions with the remittance rule

Consumer Action and other advocates write to support the Consumer Financial Protection Bureau’s (CFPB’s) recent remittance rule. This rule, solidly based on the statutory language passed by Congress in 2010, protects remittance senders - mostly low and moderate income recent immigrants to the U.S. - by requiring remittance transfer providers to provide essential information to consumers about the actual amount of money to be received by their family in the foreign country. The rule makes remittance providers liable for agents acting on their behalf and includes an error resolution procedure to resolve problems.

We believe that most banks, credit unions and remittance transfer providers will find a way not only to comply with the rule and embrace the transparency and accountability to their customers without complaint. Indeed the most progressive and competitive financial institutions will value the predictability and fair dealing compliance with the rule provides.

Lead Organization

Appleseed

Other Organizations

Alabama Appleseed | Americans for Financial Reform | Appleseed | Center for Digital Democracy DC | Chicago Appleseed Fund for Justice | Connecticut Appleseed | Consumer Action | Consumers Union | Hawaii Appleseed | Center for Law and Economic Justice | Kansas Appleseed | Massachusetts Appleseed Center | National Consumer Law Center on behalf of its low income clients | New Jersey Appleseed | Public Interest Law Center | New York Appleseed | South Carolina Appleseed Legal Justice Center | Texas Appleseed | U.S. PIRG

More Information

Appleseed

Download PDF

Protecting foreign transactions with the remittance rule   (ABA_Remittance_Rule_Letter_8-16-12.pdf)