The Consumer Financial Protection Bureau has amended the Remittance Transfer Rules as of October 28, 2013 to provide new protections, including disclosure requirements, and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country.
Well, that’s the apparent thought behind the amendments anyway, but what is the reality?
Chaninat and Leeds specialize in Thai and international business law
Reports suggest that JPMorganChase and HSBC USA have introduced these new policies, but our research suggests that smaller state-licensed banks are also choosing to eliminate international wire transfers.
Many are questioning what the thought process is behind this and what it is hoped will be accomplished. Whilst we welcome any steps that are designed to prevent potential criminal activity, we are concerns this could lead to control over consumers transferring and withdrawing funds.
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Flickr photo credit: thefixer
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