May 11, 2020 / 4:43 PM / 23 days ago

U.S. consumer watchdog issues exemptions for banks, credit unions on remittances

WASHINGTON, May 11 (Reuters) - The U.S. consumer watchdog on Monday issued a new rule that permanently allows certain banks and credit unions to disclose estimates for the international remittance fees they charge consumers in instances when it may be too expensive for the firms to provide exact figures.

The measure by the Consumer Financial Protection Bureau (CFPB) raises the transaction threshold at which companies may be entirely exempted from the rule from 100 to 500 or fewer remittances annually, reducing the burden on over 400 banks and almost 250 credit unions, the CFPB said. (Reporting by Katanga Johnson, Editing by Franklin Paul)

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