Consumer Financial Protection Bureau Issues Notice of Proposed Rulemaking on Remittance Rule

WASHINGTON, D.C. –The Consumer Financial Protection Bureau (Bureau) issued today a Notice of Proposed Rulemaking (NPRM) relating to the Remittance Rule (Rule).   The Rule generally requires companies that provide remittance transfers in the normal course of business disclose to consumers certain fees and the exchange rates that apply to transfers. The Rule also includes an exception that allows certain banks and credit unions to estimate certain fee and exchange rate information instead of disclosing exact amounts in certain circumstances, but this exception expires by statute in July 2020.