CFPB Finalizes Rule Allowing Banks to Estimate Remittance Costs (1)

More U.S. banks and credit unions won’t have to disclose exact costs for international money transfers under a final rule released by the Consumer Financial Protection Bureau.

The CFPB rule released Monday grants a permanent exemption from exact remittance cost disclosures to financial institutions that do fewer than 500 remittances annually. The previous safe harbor threshold was 100 annual remittances.

Another rule exception lets banks estimate the costs of a remittance to a particular country if the bank made 1000 or fewer transfers to the country in the prior year, and if the funds will be received in the local ...