April 04, 2013

CFPB accepting money transfer complaints

April 5, 2013 - The CFPB on Thursday announced it is accepting another category of consumer complaints – those related to money transfers, which include remittances.

The CFPB issued the text of a final rule in October and has it posted on its website as the "unofficial" complete and final rule. The CFPB actually issued a final rule in 2011 then proposed some revisions. The entire rule will not take effect until those revisions are approved in final form and an effective date set.

In the meantime, the CFPB says it is welcoming consumer complaints about money transfers, such as:

  • money not being available when promised;
  • incorrect transfer amounts, fees, exchange rates, taxes, etc., was charged or received;
  • missing or incorrect disclosures or other information;
  • unauthorized transactions;
  • problems related to advertising, marketing, pricing, privacy issues;
  • fraud or scams.

NAFCU continues to urge the CFPB to make sure that the complaints it includes on the bureau's public complaint database is verified in order to help prevent reputation risk for the service provider. The CFPB has not indicated plans to make remittance complaints part of the public database yet.