WASHINGTON — The Consumer Financial Protection Bureau on Friday specified changes it would like to make to a rule designed to increase regulation of international money transfers.

The amendments were primarily meant to ease the burden of disclosures of foreign taxes and fees imposed on a bank for receiving international money transfers. While the remittance rule finalized in February requires providers to disclose foreign taxes, the amendment would not require a report on foreign taxes of regional, provincial, state or other local governments. Additionally, in the case where a consumer has given incorrect account information, the proposed amendment relieves the provider from bearing the cost of unrecovered funds so long as it has proven false account information and attempted to recover those funds.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry