On behalf of the low-income clients of the National Consumer Law Center, we write to express our appreciation for your interest in addressing potentially swollen international remittance fees, as well as related issues impacting low-income immigrants under the current remittance regulations. This letter is a belated thank you for the meeting between advocates1 and relevant staff on remittance issues on November 1, 2022. If you would forward this to other appropriate staff, we would appreciate it.
The goals of our meeting and this letter are to ask the Bureau to take steps to— a) gather data on how well the disclosures required by the current regulations provide meaningful information to remittance senders, b) evaluate the different prices charged for sending international remittances by different types of providers, and c) consider amending the Remittance Rules to address issues raised by these findings…