The CFPB Friday proposed a “narrow amendment” to disclosure requirements for certain remittances (international money transfers).
The Electronic Fund Transfer Act and Regulation E require remittance companies to give senders a disclosure at the time of payment, including on a receipt. This disclosure must include contact information for both state regulators and the CFPB.
The proposal would amend certain disclosures to clarify that consumers should contact their remittance company for issues specific to their money transfer.
Comments are due to the CFPB by Nov. 4.
