Consumer bureau celebrates money transfer rules with publicity push

The Consumer Financial Protection Bureau (CFPB) wants people to know about new rules on international money transfers that went into effect on Monday.

The watchdog agency is launching a new campaign to publicize the regulations, which are designed to protect people who send remittances to other countries.

“Knowing how the new rules protect consumers is critical for those who send money abroad,” CFPB Director Richard Cordray said in a statement.

“Through clear, upfront information in several languages, this campaign will help educate and empower those consumers who send international money transfers.”

The agency published regulations on the money transfers last year, and has amended them several times since.

The new rules require that companies that send consumers’ money abroad are transparent about the fees they charge, as well as taxes and exchange rates. They also allow people to cancel most transfers within 30 minutes at no cost and report errors to the company within 180 days.

As part of the bureau’s publicity blitz, it will give out posters, brochures and other information about the new rules to community and immigration organizations as well as consulates and government agencies.

Those materials are available on the agency’s website and come in five languages: English, Spanish, Chinese, Tagalog and French-Creole. 

Last week, the CFPB published the procedures that examiners will use to make sure that companies are following the regulations.