News Topic: Remittances

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The pandemic has made for strange bedfellows. Case in point: Western Union and MoneyGram will soon share Walmart as a landlord. ... Read full article

Remitly and TransferWise are benefiting from consumers' shift to digital payments and a turn toward banking services as global remittance volumes drop. ... Read full article

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit. ... Read full article

The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures. ... Read full article

The agency's director said both steps will come as part of an ongoing review of agency rules and show "my commitment under the law to be effective and evidence based” in providing clarity to stakeholders. ... Read full article

The leader of a new Compliance and Payments Task Force dives into how it will address emerging issues of counterterrorism financing in the digital age. ... Read full article

The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers. ... Read full article

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements. ... Read full article

Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services. ... Read full article

House Republicans are pushing the CFPB to continue to allow banks and credit unions to estimate exchange rates and fees for money transfers. ... Read full article

TransferWise once marketed itself as Robin Hood-style rival to banks. Now it sees itself as an ally. ... Read full article

It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients. ... Read full article

The creator of Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks. ... Read full article

The CFPB ordered Texas money transmitter Maxi to pay a $500,000 fine for allegedly deceiving consumers by saying the company is not responsible for errors made by agents. ... Read full article

Pangea says it is developing a digital account after customers complained that the bank relationship they had wasn't "for them." ... Read full article

The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline. ... Read full article