CFPB Accepting Remittance Complaints

The CFPB on Thursday announced it is accepting another category of consumer complaints – those related to money transfers, which include remittances.

The CFPB issued the text of a final rule in October and has it posted on its website as the “unofficial” complete and final rule. The CFPB actually issued a final rule in 2011 then proposed some revisions. The entire rule will not take effect until those revisions are approved in final form and an effective date set.

In the meantime, the CFPB says it is welcoming consumer complaints about remittance transfers, such as:

  • money not being available when promised;
  • incorrect transfer amounts, fees, exchange rates, taxes, etc., was charged or received;
  • missing or incorrect disclosures or other information;
  • unauthorized transactions;
  • problems related to advertising, marketing, pricing, privacy issues;
  • fraud or scams.
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