US Remittance Rule takes effect

with Ervin Dervisevic

The Consumer Financial Protection Bureau’s (CFPB) final International Remittance Rule (“Remittance Rule”) became effective on October 28, 2013.

In the past, consumers sending money from the United States abroad might have received limited information on the costs of international money transfers and how much money would the beneficiaries receive. Whenever consumers experienced problems sending money abroad, little federal law was there to protect them.