Hidden and Predatory Remittance Fees Plague Immigrant Families WASHINGTON – A coalition of over 50 consumer, civil rights, academics and privacy organizations submitted a letter this week urging the Consumer Financial Protection Bureau (CFPB) to take meaningful actions to reduce and eliminate junk fees in international remittance transactions – fund transfers frequently used by immigrants…
This letter, from a coalition of over 50 consumer, civil rights, academics and privacy organizations urges the Consumer Financial Protection Bureau (CFPB) to take meaningful actions to reduce and eliminate junk fees in international remittance transactions. Remittance disclosures should require that two numbers be highlighted: the total cost of the remittance (including the money sent…
Read More about Letter to CFPB Urging Regulations on International Remittances to Reduce Junk Fees
Consumer groups urge the CFPB to take meaningful actions to reduce and eliminate unnecessary fees, or junk fees, in remittance transactions: curtail the use of hidden markups, eliminate the exceptions allowed for third-party fees, and reduce the exemptions for compliance my the majority of depository institutions added in 2020.
Read More about Consumer Groups to CFPB—Please Act to Reduce Junk Fees in International Remittances
Urge the CFPB to Eliminate Junk Fees from Bank Transfers and Remittance Transactions
Read More about Tell the CFPB: Eliminate Junk Fees from Bank Transfers & Remittances
NCLC and partners urge the CFPB to issue Best Practices Guidance to Remittance Providers to simplify price disclosures, and stop hidden charges and fees.
NCLC joined an amicus brief with Public Counsel to assert that money transfer businesses are financial institutions covered by the RFPA, and therefore protect the financial records of remittance senders who rely on money transfer businesses for their transactions. The amicus brief provides the Court with background information and insight on remittances and their importance…
Read More about Amicus Brief in Sequeira, et al. v. U.S. Department of Homeland Security
