FOR IMMEDIATE RELEASE   
                                

CONTACT: John Carey at 202-466-1854
john@ourfinancialsecurity.org          

AFR Statement on CFPB Final Rule on Remittance Consumer Protections

Washington, DC– Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street reform, issued the following statement today

AFR welcomes the Consumer Financial Protection Bureau rule published on January 20th implementing section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and creating a comprehensive new system of consumer protections for remittance transfers sent by people in the United States to family members and businesses overseas.

“People in the US send more than $400 billion in remittances each year, hard earned dollars that are crucial for their families overseas. We applaud the CFPB for a rule that will provide clarity and confidence for consumers. This rule lets people compare prices and shop for the best service, and defend remittance senders’ rights if companies do not fulfill their obligations or if money is not delivered as promised.”

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