CFPB Launches Campaign to Inform Consumers about New Remittance Transfer Protections

The Consumer Financial Protection Bureau (CFPB) is launching a nationwide multimedia campaign to inform consumers who send money internationally about new protections they have under the Remittance Transfer Rules.  The CFPB educational campaign corresponds with the effective date of the Remittance Transfer Rules.

Consumers who make international remittance transfers receive a number of new protections, including:

  • Free, upfront information about the exchange rate, fees and taxes they will pay;
  • Information on the amount to be received;
  • The right to cancel most transfers within thirty minutes at no cost; and
  • 180 days to report errors to the company, the right to an investigation, and a remedy for certain types of errors.

As part of the campaign, the CFPB will provide posters, brochures and other printed materials to community groups, immigrant organizations, consulates and other government agencies. Interested financial services companies also will be able to order or download the materials, which will be available in five languages -– English, Spanish, Chinese, Tagalog and French-Creole.

In addition, the CFPB will host a free webinar about the new rights and protections for consumers who send funds from the U.S. to family and others in foreign countries.  The webinar will cover all of the changes and explain what the CFPB is doing to make sure consumers know their rights.

The webinar will be held on Thursday, Nov. 14, from 11:30 a.m.-12:30 p.m. To join, follow these instructions:

For questions or more information, email financialeducation@cfpb.gov.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

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