The Appleseed Network has been committed to protecting consumers who send money to relatives or friends in a different country for well over a decade. These financial transfers, called remittances, are the most common financial transaction for immigrant in the U.S. totaling nearly $66 billion per year.
Appleseed played a lead role in supporting the first U.S. federal consumer regulations for this growing consumer financial service issued by the Consumer Financial Protection Bureau (CFPB) pursuant to the 2010 Dodd-Frank Act effective October 28, 2013. We provided a decade’s worth of research and surveys, met with policymakers, conducted trainings with Congressional staff, and filed federal comment letters to suggest language and approaches.
These important rules are frequently under review and revision and Appleseed continues to monitor changes to protect immigrant consumers.
See below for more information and links to our research, surveys, reports and other resources related to remittances.
Appleseed played a lead role in supporting the first U.S. federal consumer regulations for this growing consumer financial service issued by the Consumer Financial Protection Bureau (CFPB) pursuant to the 2010 Dodd-Frank Act effective October 28, 2013. We provided a decade’s worth of research and surveys, met with policymakers, conducted trainings with Congressional staff, and filed federal comment letters to suggest language and approaches.
These important rules are frequently under review and revision and Appleseed continues to monitor changes to protect immigrant consumers.
See below for more information and links to our research, surveys, reports and other resources related to remittances.
Tracking Financial Regulations
Appleseed and our network of Centers around the U.S. and Mexico continually monitor changes in federal regulation and submit comment letters and other materials in response. To stay up-to-date on our work, please follow our blog.
Sending Money: The Path Forward
Appleseed, in conjunction with five of its centers, developed a study to test the effectiveness of the new regulations in helping consumers make more informed choices. This study was the first look back at the consumer impact of the 2013 remittances regulations.
Remittance Transparency: Strengthening Business, Building Community
Building on the results of our previous work, in 2008, we released the results of a market-based pilot testing a posted disclosure that included fees, exchange rate, date of arrival, and amount of funds to be received for a specific country in local currency.
Creating a Fair Playing Field for Consumers: The Need for Transparency in the U.S.-Mexico Remittance Market
To understand pricing dynamics in the international money transfer market place, Appleseed conducted a study in 2005 of the cost to transfer money from the U.S. to Mexico in four different states: Georgia, Illinois, Nebraska, and Texas. This report shares the results and offers recommendations to improve transparency in the remittance market.
