CFPB Issues Guidance Regarding Remittance Transfers During Pandemic

In light of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a policy statement announcing the Bureau’s current flexible approach to its supervision and enforcement regarding certain requirements for remittance transfers. The intent is to allow insured institutions to continue focusing on their customers’ immediate needs for uninterrupted remittance transfer service during the crisis and to limit the pandemic’s impact on the remittances market.

Click here to view the CFPB’s press release and policy statement.

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