Tuesday, October 16, 2012 at 3:54PM
Banking Spectrum
The remittance rule published by the CFPB (subpart B of Regulation E), which goes into effect on February 7, 2013, generally requires remittance transfer providers to give certain specified disclosures to consumers sending remittance transfers. Among other requirements, a provider generally must disclose to a sender the total amount the recipient will receive, as well as the applicable exchange rate, fees, and taxes. In certain circumstances, the rule permits providers to estimate these amounts. Click here to read more about foreign remittances and the safe harbor list.
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