U.S. CFPB will look at improving exchange rate transparency among remittance providers -Chopra

The U.S. Consumer Financial Protection Bureau will look at how to improve exchange rate transparency among remittance providers to make clearer to consumers the fees they are charged for using such services, the agency’s director told a congressional committee on Wednesday.

“When someone is sending a remittance, the cost to them is a mix of any immediate fee plus any exchange rate delta, and in many cases, the consumer cannot really know how much money is going to end up on the other side,” CFPB Director Rohit Chopra said during a hearing in the House Financial Services Committee.

His comments follow an October letter sent by five Senate Democrats to Chopra, in which they urged the CFPB to take action to eliminate hidden fees associated with remittances.