The Consumer Financial Protection Bureau announced today that it intends to propose certain limited adjustments to our rule on international money transfers, as well as a brief extension of the date the rule would become effective.
Some regulated entities identified issues that pose practical challenges in implementing the new law. To address these issues, next month we will propose a narrow set of changes to the remittance rule. We’ll work on a fast track to finalize changes to the rule. The proposed changes would improve implementation of the new law while keeping the important new protections for consumers intended by the Dodd-Frank Act.