Many financial institutions think they are not covered by this bill. However, if you annually send 100+ transactions internationally, you may have to make changes before 2013.
The Consumer Financial Protection Bureau (CFPB) published this final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. The new protections were designed to significantly improve the predictability of remittance transfers and provide consumers with better information for comparison shopping.
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