WASHINGTON, May 12 — More US banks and credit unions will be allowed to estimate the international remittance fees they charge consumers in instances when it may be too expensive to provide exact figures under a new rule issued yesterday. The Consumer Financial Protection Bureau (CFPB) said the...
International regulators have voiced concerns that US banks may not be offering overseas remittances due to the regulatory burden. — Reuters pic
The Consumer Financial Protection Bureau said the measure raises the transaction threshold at which companies may be entirely exempted from providing exact figures from 100 to 500 or fewer remittances annually, reducing the burden on more than 400 banks and almost 250 credit unions. Yeterday's rule comes after the agency asked for industry feedback last year on the previous remittance regulation, which generally required lenders to disclose to consumers the exact exchange rate, fees and the amount of money expected to be delivered to the recipient when making a global wire transfer.
This came as part of a December 2019 proposal by the CFPB, which last month said it expects that after the temporary exception expires some insured institutions could face challenges disclosing actual costs and may cease providing remittance services without intervention.
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