The U.S. Consumer Financial Protection Bureau said it will revise rules for international money transfers after banks complained that the agency's cur (more)
The U.S. Consumer Financial Protection Bureau said it will revise rules for international money transfers after banks complained that the agency's current plan could push some of them out of the business
The bureau, which had said final regulations governing so- called remittances would take effect on Feb. 7, now plans to issue a revision in December for a comment period, according to a statement released yesterday. The changes will address what should happen if a consumer provides an incorrect account number for a transfer and how remittance providers must disclose third- party fees and foreign taxes, the bureau said.
Bureau Director Richard Cordray had rebuffed bank lobbyists' request for a delay in the effective date during an Aug. 10 meeting to discuss the rule. Industry groups then outlined what they saw as problems with the rule in an Oct. 17 letter.
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