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Dear CFPB: Members of Congress Send a Letter Regarding International Remittances

Washington, October 1, 2019
The new compliance measures were focused primarily on bringing disclosure standards to all remittance providers and establishing punitive consequences in the form of fines for those providers that did not comply.
From Payments Journal: 

"Way back in 2013 through 2015, the Consumer Financial Protection Bureau (CFPB) implemented new rules in the international consumer money transfer industry governing wires and remittances. These were early days for the CFPB and the new regulation really illustrated to the banking and payments industry the impact the new agency could bring to bear.

The new compliance measures were focused primarily on bringing disclosure standards to all remittance providers and establishing punitive consequences in the form of fines for those providers that did not comply." READ MORE