The Consumer Financial Protection Bureau, created under the 2010 Dodd-Frank reform law, is now taking consumer complaints on money transfers before the agency finalizes any changes to its remittance rule.
The CFPB is accepting complaints from consumers who did not receive funds on time or the right amount, faced servicing or transaction issues, or from consumers who received incorrect or missing documentation.
"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." writes American Banker's Rachel Witkowski.
For the full piece see "CFPB Accepting Consumer Complaints on Money Transfers" (may require subscription).