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The Consumer Financial Protection Bureau's expanded complaint database is leading to better response times, but the reputational risk of publicizing disputes is causing concerns.
March 28 -
Bank of America Merrill Lynch (BAC) has released two new software applications that address new cross-border payments regulations in the Dodd-Frank reforms.
March 27 -
WASHINGTON — The Consumer Financial Protection Bureau on Friday specified changes it would like to make to a rule designed to increase regulation of international money transfers.
December 21
WASHINGTON — The Consumer Financial Protection Bureau has started taking consumer complaints on money transfers before it finalizes amendments to its remittance rule.
In a blog posting that went largely unnoticed, the CFPB said Thursday that it has begun accepting complaints on money transfers from consumers who did not receive funds on time or the right amount; faced servicing or transaction issues; received incorrect or missing documentation; or suspect fraudulent activity.
The complaints will help the CFPB craft certain rulemaking related to international money transfers, the blog said. The agency issued a final rule in January 2012, but has since proposed several amendments in an effort to ease the paperwork burden on smaller institutions that threatened to stop accepting international money transfers.
The proposed amendments have extended the effective date from February to an unknown time later this year after the CFPB finalizes changes.
The complaint announcement follows news a week earlier that the CFPB significantly bolstered the public complaint database. The database initially showed complaints for credit cards but has since expanded to nearly 100,000 complaints on consumer credit including mortgages, student loans and auto loans. Complaints on money transfers will likely be posted to the database as well.
