{mosads}The CFPB published the rule on the international money transfers last February, as part of its implementation of the Dodd-Frank Act. The agency then supplemented it later that year and relaxed some of the more restrictive provisions in April.
The rules give the government new oversight of institutions that process remittances and required that they disclose the fees they charge and work to fix any errors in transfers.
The rule goes into effect on Oct. 28.
Examiners will make sure financial institutions are complying with those rules by using procedures developed with other agencies through the Federal Financial Institutions Examination Council, a government body that tries to make sure agencies use the same methods in their supervision.
Those examiners are supposed to determine whether institutions’ internal controls are rigid enough, test their transactions and review their disclosure forms.
“This interagency effort will promote consistent supervision of remittance providers,” the CFPB said in a statement
In addition to those procedures, the CFPB is also unveiling an online tool called eRegulations, which is designed to make its rules easier to browse and understand.
“Ideally, using eRegulations will lead to better compliance, more efficient supervision, and improved accessibility,” agency officials wrote in a blog post on Tuesday.
The rule on international remittances is among the first to be included in the new tool.