The Consumer Financial Protection Bureau issued a final rule exempting financial institutions that provide fewer than 100 remittances a year from new requirements for such services.
An earlier version of the rule set the threshold at 25. The final version "appeared aimed at soothing concerns by community banks and other small institutions that the fee requirements unduly harmed low-volume providers,” writes American Banker’s Joe Adler.
The agency was required by Dodd-Frank to write a rule on fee disclosures, exchange rates, and other consumer protection issues related to international money remittances.
"The final remittance rule will protect the overwhelming majority of consumers while making the process easier for community banks, credit unions, and other small providers that do not send many remittance transfers," said CFPB Director Richard Cordray in a press release.
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