In an effort to lift compliance burdens on small banks, the Consumer Financial Protection Bureau revised its final rule on international money transfers.
The change to the rule requires further disclosures and monetary protections for consumers, but less paperwork. The banking industry has complained about paperwork-intensive remittance rule since it was first established in February 2012.
"We are dedicated to protecting consumers who send money abroad and to preserving their access to these services," said CFPB Director Richard Cordray, in Tuesday's release. "Today's final rule achieves these goals by maintaining the rule's crucial new consumer protections while facilitating compliance for providers of remittance transfers."
The CFPB, created under the 2010 Dodd-Frank Act, said the remittance rule will be effective on Oct. 28.
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