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The Consumer Financial Protection Bureau regulates money transfers and lays out what your legal rights are when sending money domestically or internationally — and what you can do if they’ve been violated.
Learn more about costs, rates and delivery in our guide to international money transfers.
Things have changed since 2010, when Congress passed the Dodd–Frank Wall Street Reform and Consumer Protection Act in the fallout of 2008’s financial crisis. Until 2010, regulation was fragmented among consumer protection agencies whose terminology didn’t always agree.
Dodd–Frank immediately set to expand the 1978 Electronic Funds Transfer Act to include disclosures and procedures that protect consumers when sending, withdrawing or moving around their money.
Importantly, Dodd–Frank established the Consumer Financial Protection Bureau, which regulates the financial products Americans use every day: credit cards, loans — and even international money transfers. Today, the CFPB enforces compliance with the Remittance Transfer Rule that applies to international remittances of $15 or more.
The CFPB is an independent US government agency authorized by the Dodd–Frank Act of 2010 to protect consumers doing business with banks and credit unions, mortgage providers, payday lenders, foreclosure services, debt collectors and independent money transfer specialists.
Its priorities began with mortgages, credit cards and student loans but since expanded to other consumer financial products and services. In short, it provides protection from any financial institution — traditional or otherwise — you might come in contact with when moving around your money.
It not only regulates protections, but it also solicits and publishes consumer complaints to the public to help others make more informed financial decisions.
The CFPB’s Remittance Transfer Rule requires most banks, credit unions and independent financial services to provide you with clear, detailed information upfront and after any money transfer of $15 or more.
Before you agree to your money transfer, your provider must provide you with:
Your bank or provider is also required to disclose and define any important terms you don’t understand, how it will resolve any problems and how you can cancel your transfer.
Your provider must provide you with:
If you discover a problem with your transfer — your money isn’t received as promised, for instance — you have up to 180 days to report it for investigation. At that time, your bank or provider has 90 days to work through any problems and report its outcome. In some cases, you can get a refund or resend your transfer at no additional cost.
In June 2017, the Trump administration proposed making good on its campaign promise to curb the Dodd–Frank Act and how the Consumer Finance Protection Bureau regulates financial industries overall based on what it considers an overreach of power.
Soon after, in September 2017, the State Education Department ended its agreements with the CFPB to share data on student loans, limiting the agency’s oversight into student lending.
Time will tell how far President Trump limits this watchdog agency’s regulatory oversight. But it doesn’t appear that the CFPB will go without a fight: In October 2017 — after five years of haggling with Congress — it finalized a rule that prevents rollover charges and refinancing on payday loans, much to the chagrin of the lending community.
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