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The Consumer Financial Protection Bureau issued new rules today on international money transfers from the United States.

Tens of billions of dollars are wired from the US each year, typically to family members living abroad, Reuters reported.

The CFPB’s rules require that companies transmitting money disclose to each customer any fees, the exchange rate and the amount that will be paid out to the recipient in local currency, the Associated Press reported. The rules also stipulate that customers must be given 30 minutes to cancel a transaction and disputes about issues such as funds that do not arrive must be investigated by the company.

"People sending money to their loved ones in another country should not have to worry about hidden fees," Richard Cordray, the bureau's new director, said, according to Dow Jones Newswires. "With these new protections, international money transfers will be more reliable. Consumers will know the costs ahead of time and be able to compare prices. Transfer providers will also be held accountable for errors that occur in the process."

AZGrizFan wrote:The rules initially issued in mid-2012 are set to take effect in a couple weeks:

The Consumer Financial Protection Bureau issued new rules today on international money transfers from the United States.

Tens of billions of dollars are wired from the US each year, typically to family members living abroad, Reuters reported.

The CFPB’s rules require that companies transmitting money disclose to each customer any fees, the exchange rate and the amount that will be paid out to the recipient in local currency, the Associated Press reported. The rules also stipulate that customers must be given 30 minutes to cancel a transaction and disputes about issues such as funds that do not arrive must be investigated by the company.

"People sending money to their loved ones in another country should not have to worry about hidden fees," Richard Cordray, the bureau's new director, said, according to Dow Jones Newswires. "With these new protections, international money transfers will be more reliable. Consumers will know the costs ahead of time and be able to compare prices. Transfer providers will also be held accountable for errors that occur in the process."

If it weren't for how badly the consumer is getting fucked here, this would be comical. The cost of an international wire just went from $15 to $61, all in order to comply with the new cumbersome disclosure requirements implemented by Dodd-Frank and the CFPB. WAFJ.

Is there a government department more inappropriately named than the Consumer Financial PROTECTION Bureau?

kalm wrote:

AZGrizFan wrote:The rules initially issued in mid-2012 are set to take effect in a couple weeks:



If it weren't for how badly the consumer is getting fucked here, this would be comical. The cost of an international wire just went from $15 to $61, all in order to comply with the new cumbersome disclosure requirements implemented by Dodd-Frank and the CFPB. WAFJ.

Is there a government department more inappropriately named than the Consumer Financial PROTECTION Bureau?

They made pushing buttons $46 harder?

kalm wrote:

AZGrizFan wrote:The rules initially issued in mid-2012 are set to take effect in a couple weeks:



If it weren't for how badly the consumer is getting fucked here, this would be comical. The cost of an international wire just went from $15 to $61, all in order to comply with the new cumbersome disclosure requirements implemented by Dodd-Frank and the CFPB. WAFJ.

Is there a government department more inappropriately named than the Consumer Financial PROTECTION Bureau?

They made pushing buttons $46 harder?

AZGrizFan wrote:

kalm wrote:
They made pushing buttons $46 harder?

Yeah. That's exactly it.

kalm wrote:

AZGrizFan wrote:
Yeah. That's exactly it.

So requiring all the fees to be disclosed costs $46?

blueballs wrote:If you think that's bad, try reading all the mortgage regulations they've adopted in the past 4 years. It will make your head spin.

blueballs wrote:If you think that's bad, try reading all the mortgage regulations they've adopted in the past 4 years. It will make your head spin.

AZGrizFan wrote:

kalm wrote:
So requiring all the fees to be disclosed costs $46?

It's the cost of complying with the reams and reams of regulations. OUR cost (as a bloodsucking financial institution) just went from .52 cents to $46. So, we elect not to pass that on to our consumers, we eat about $5000 per month in additional expenses. Otherwise, the consumer gets "protected" by the CFPB.

kalm wrote:

AZGrizFan wrote:
It's the cost of complying with the reams and reams of regulations. OUR cost (as a bloodsucking financial institution) just went from .52 cents to $46. So, we elect not to pass that on to our consumers, we eat about $5000 per month in additional expenses. Otherwise, the consumer gets "protected" by the CFPB.

$45.48 per transaction of compliance? How did they calculate it.

kalm wrote:

AZGrizFan wrote:
It's the cost of complying with the reams and reams of regulations. OUR cost (as a bloodsucking financial institution) just went from .52 cents to $46. So, we elect not to pass that on to our consumers, we eat about $5000 per month in additional expenses. Otherwise, the consumer gets "protected" by the CFPB.

$45.48 per transaction of compliance? How did they calculate it.

AZGrizFan wrote:

kalm wrote:
$45.48 per transaction of compliance? How did they calculate it.

You know, with government intervention and the requirement that banks are now responsible for doing the govenment's job of determining where the terrorists keep their money, ALL people suffer the consequences. Those costs are pass-through costs associated with the various steps in the process and everyone ensuring they're "compliant" with the fucked up govn't over-regulation. It's indicative of how Obamacare will fare, I'm afraid.

Grizalltheway wrote:

AZGrizFan wrote:
You know, with government intervention and the requirement that banks are now responsible for doing the govenment's job of determining where the terrorists keep their money, ALL people suffer the consequences. Those costs are pass-through costs associated with the various steps in the process and everyone ensuring they're "compliant" with the fucked up govn't over-regulation. It's indicative of how Obamacare will fare, I'm afraid.

Yeah, we all know where under-regulating banks got us.

GannonFan wrote:

kalm wrote:
$45.48 per transaction of compliance? How did they calculate it.

Probably by looking at the externalities and by making sure those lowly folks doing the grunt work have a decent wage. Why do you hate including externalities and a living wage in calculating costs so much? So heartless.

AZGrizFan wrote:

Grizalltheway wrote:
Yeah, we all know where under-regulating banks got us.

50 years of economic expansion, that's what.

kalm wrote:

AZGrizFan wrote:
50 years of economic expansion, that's what.

Thanks to the RIGHT kind of regulation.

AZGrizFan wrote:

kalm wrote:
Thanks to the RIGHT kind of regulation.

Agreed. And everything implemented since 1999 is the WRONG kind of regulation.