What rule did the CFPB issue to implement Dodd-Frank's requirements for remittance transfers?

The choice identifying the correct answer is significant for understanding the regulatory landscape surrounding remittance transfers. The Consumer Financial Protection Bureau (CFPB) issued the Remittance Transfer Rule to effectively enforce the provisions established by the Dodd-Frank Act. This rule provides consumer protections specifically for remittance transfers, which are defined as electronic transfers of money sent internationally.

The Remittance Transfer Rule requires businesses to provide the sender with important disclosures about the transaction, including fees, exchange rates, and the estimated delivery date before the transaction is completed. This is intended to ensure transparency and protect consumers by giving them clear information about the costs associated with the transfer.

The rule also stipulates that remittance providers must ensure that the amount of the transfer, along with the fees, can be clearly communicated to consumers. This clarity is essential for helping consumers make informed decisions about sending money across borders. By establishing these guidelines, the CFPB aims to enhance consumer protections and ensure fair practices within the remittance industry.

In contrast, the other terms mentioned do not accurately encapsulate the specific rule that was implemented as part of Dodd-Frank's requirements. The Remittance Transfer Disclosure Rule and Consumer Protection for Remittance Transfers Rule, while they reference the intention behind remittance protections,