Comments in response to the petition for Rulemaking to Reduce and Eliminate Junk Fees in Remittance Transactions
This letter explores the adverse impact of remittances fees and markups on immigrants and Latinos, the actions that we suggest the Consumer Financial Protection Bureau (CFPB) take such as requiring a “total cost” pricing model, and additional actions proposed by the National Consumer Law Center’s (NCLC) coalition letter.
Common sense changes to remittance pricing could save immigrant and Latino consumers billions of dollars per year.