The Money Remittances Improvement Act of 2014 allows the Financial Crimes Enforcement Network (FinCEN) to rely on state examinations of MTOs, reducing duplicative oversight and increasing the effectiveness of overall supervision. In March 2016, FinCEN released guidance to make regulatory expectations related to MTO principal supervision of agents clearer and to eliminate misunderstandings about what is expected from principals.

The Consumer Financial Protection Bureau‘s (CFPB) remittance rule requires covered entities to provide consumers who send remittance transfers with information on the exchange rate utilized as well as on certain fees and U.S. taxes. Federal banking authorities continue to work with financial institutions under their respective jurisdictions on ways to offer low-cost remittance transfers and no-cost or low-cost basic consumer accounts.

The CFPB examines large banks and non-bank participants of the international money transfer market for compliance with the Remittance Rule, which includes disclosure requirements, error resolution, and cancellation rights for consumers who send remittances. Overall, remittance transfer providers have implemented changes to address compliance with that rule.

The Federal Reserve’s Faster Payments Task Force issued a report in 2017 identifying effective approaches for implementing a safe, ubiquitous, and faster payments capability in the United States by 2020. The report encourages collaboration among all stakeholders, including competing faster payments solution operators, payment service providers, and end users.