CFPB Must Supervise Auto Finance, Debt Collection, Credit Reporting, and International Remittance Industries
Rigorous Supervision Is Needed to Protect People from Financial Abuse
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Comments to the CFPB Regarding Defining Larger Participants of the Remittances Market
The National Consumer Law Center (on behalf of its low-income clients) and Consumer Federation of America submit these comments on the Consumer Financial Protection Bureau’s advance notice of proposed rulemaking (ANPR) on whether to propose a rule to amend the test to define larger nonbank participants in the international money transfer (remittances) market. Entities defined…
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50+ Consumer, Civil Rights & Privacy Groups Urge CFPB to Eliminate Junk Fees in Remittances
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…
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Letter to CFPB Urging Regulations on International Remittances to Reduce Junk Fees
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…
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Tell the CFPB: Eliminate Junk Fees from Bank Transfers & Remittances
Urge the CFPB to Eliminate Junk Fees from Bank Transfers and Remittance Transactions
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Consumer Groups to CFPB—Please Act to Reduce Junk Fees in International Remittances
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.
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Group Letter to CFPB on Recommendations to Make International Remittance Pricing More Transparent
NCLC and partners urge the CFPB to issue Best Practices Guidance to Remittance Providers to simplify price disclosures, and stop hidden charges and fees.
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Amicus Brief in Sequeira, et al. v. U.S. Department of Homeland Security
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…
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American Banker "What will it take to get banks into remittances?"
Originally airing on December 1, 2021 on the American Banker podcast, Polo Rocha discusses with Margot Saunders changes that consumer advocates worry could make remittances less transparent–leaving customers shortchanged.
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Letter to CFPB Requesting a Review of Current Regulations to Improve Usefulness and Transparency of Remittance Disclosures
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…
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