The United States is the largest sender of remittances in the world. In 2015, it had sent a boggling total of $133,552,000,000 in remittances to other countries, according to a World Bank report. Remittance flows span the globe with migrant workers transferring money back to family, friends, business partners and others in developing countries that include Mexico, the Philippines, India, Sri Lanka, Pakistan and Nepal.
All remittance flows from the United States are regulated by the Consumer Financial Protection Bureau (CFPB), which is an independent government office that protects consumers who do any sort of financial transaction. This organization controls banks, credit unions, securities firms, debt collectors, lenders and other financial companies that operate in the United States. It also controls transfer remittance companies. In short, the Consumer Financial Protection Bureau (CFPB) makes and monitors rules that ensure the consumer's safety and assures that the transfers made through financial institutions are authorized.
The Consumer Financial Protection Bureau (CFPB) has instituted a variety of rules that remittance providers have to follow in order to ensure that your money is secure. On Oct. 5, 2016, the Bureau added new protections to consumers who send remittance transfers to a foreign country. These include the ability to cancel your transfers, the obligation for financial organizations to disclose what they do with your money, and the right to have errors resolved.
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