This letter, from a coalition of over 50 consumer, civil rights, academics and privacy organizations urges the Consumer Financial Protection Bureau (CFPB) to take meaningful actions to reduce and eliminate junk fees in international remittance transactions. Remittance disclosures should require that two numbers be highlighted: the total cost of the remittance (including the money sent plus all fees, taxes, and any exchange rate margin), and the total amount to be received (the exact amount that will be delivered to the recipient in the foreign currency, after all fees and taxes have been deducted.
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