Businesses can get around the Consumer Financial Protection Bureau’s orders meant to drive transparency around how much customers are charged for international remittance payments, a group of senators wrote in a letter to CFPB Director Rohit Chopra.
A group of senators that includes Elizabeth Warren is asking the Consumer Financial Protection Bureau to take a tougher tack on companies that facilitate remittance payments, charging that the businesses are able to get around CFPB orders meant to drive transparency around how much customers are charged for these international payments.
“For example, while a remittance provider may display a zero-dollar transaction fee, they may provide a less favorable exchange rate [in order] to withhold a larger portion of the payment, resulting in a smaller sum being received by the remittance recipient,” the senators said. That exemption also goes against the requirements around remittance-fee estimates established through the Dodd-Frank Wall Street Reform and Consumer Protection Act, which only allowed estimates for a decade after passage, the senators wrote. Dodd-Frank was signed into law in May 2009, and many key provisions began taking effect in February 2010.
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