Despite the urging of many industry commenters that it eliminate altogether the requirement for remittance transfer providers to disclose recipient institution fees, the CFPB chose not to go that far in the revisions to its remittance transfers rule that it finalized last week. However, the revised final rule does recognize some business realities and restricts the scope of the disclosure requirement and makes other favorable changes. The final rule will take effect
on October 28, 2013.
We have prepared a legal alert that discusses the three areas addressed by the revisions.